Document:

Filed by Avantafile.com - I-Minerals Inc. - Exhibit 10.22

THIS LOAN AGREEMENT (“this Agreement”) is dated October 25, 2019.

AMONG:

	 	I-Minerals Inc., a body corporate, continued under the laws
of Canada, having its head office at Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

 

	 	(hereinafter called the “Company”)

 

OF THE FIRST PART

AND:

	 	i-minerals USA Inc., an Idaho limited liability company,
having an office c/o the Company, at Suite 880 – 580 Hornby Street, Vancouver, British Columbia, Canada V6C 3B6

 

	 	(hereinafter called the “Subsidiary”)

 

OF THE SECOND PART

AND:

	 	BV Lending, LLC, an Idaho limited liability company, having
its head office at Suite 201 – 901 Pier View Drive, Idaho Falls, Idaho, U.S.A. 83402

 

	 	(hereinafter called “BV”)

 

OF THE THIRD PART

WHEREAS:

	A. 	       Pursuant to an agreement among the parties dated June l, 2016, as
amended by an amending agreement dated October 25, 2017 (hereinafter called the "First Amending Agreement"), as further
amended by an amending agreement dated January 19, 2018 (hereinafter called the "Second Amending Agreement"), as further
amended by an amending agreement dated March 20, 2018 (hereinafter called the “Third Amending Agreement”), as further
amended by an amending agreement dated March 27, 2019 (hereinafter called the “Fourth Amending Agreement”), as further
amended by an amending agreement dated June 28, 2019 (hereinafter called the “Fifth Amending Agreement”), with the loan
agreement dated June 1, 2016, as amended by the First Amending Agreement, the Second Amending Agreement, the Third
Amending Agreement, the Fourth Amending Agreement and the Fifth Amending Agreement hereinafter collectively called the
"Loan Agreement", BV agreed to advance certain funds to the Company to advance its Bovill Kaolin Project located in the
State of Idaho, U.S.A.;

 

	B. 	       Pursuant to an agreement among the parties dated September 11, 2018
(hereinafter called the “2018 Loan Agreement”), BV agreed to advance an additional $2,500,000 to the Company to further
advance its Bovill Kaolin Project located in the State of Idaho, U.S.A.;

 

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	C. 	       BV has agreed to provide additional funding to the Company pursuant
to the terms and conditions of this Agreement;

 

	D. 	       The Subsidiary is a wholly-owned subsidiary of the Company and is
the legal owner of the Helmer-Bovill Property hosting the Bovill Kaolin Project in the State of Idaho, U.S.A. referred
to in Recitals A. and B. herein;

 

NOW THEREFORE THIS AGREEMENT WITNESSETH  that in consideration of these
presents and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged by
each of the parties, the parties hereby agree as follows:

	1. 	        Definitions

 

	1.01 	    In this Agreement, the following words and phrases shall have the
following meanings, namely:

 

	 	(a) 	       “Advance” means the principal amount of cash advances from BV to
the Company pursuant to this Agreement, as well as interest owing under this Agreement, at BV’s election;

 

	 	(b) 	       “Bonus Shares” has the meaning set out in Exchange Policy 5.1;

 

	 	(c) 	       “Discounted Market Price” has the meaning set out in Exchange
Policy 1.1;

 

	 	(d) 	      “Effective Date” means the date of this Agreement as set forth on
the first page hereof;

 

	 	(e) 	       “Exchange” means the TSX Venture Exchange;

 

	 	(f) 	       “Exchange Policy 1.1” means TSX Venture Exchange Policy 1.1,
entitled “Interpretation”;

 

	 	(g) 	       “Exchange Policy 5.1” means TSX Venture Exchange Policy 5.1,
entitled “Loans, Bonuses, Finder’s Fees and Commissions”;

 

	 	(h) 	       “Exchange Policy 5.9” means TSX Venture Exchange Policy 5.9,
entitled “Protection of Minority Security Holders in Special Transactions”;

 

	 	(i) 	        “Exchange Rate” means the Bank of Canada Noon Rate for
Canadian/U.S. dollars on the applicable dates provided for herein;

	 	(j) 	        “Indebtedness” means the principal amount of each cash Advance
pursuant to this Agreement, collectively, as well as interest which is considered an Advance in accordance with sections
2.01 and 2.02 hereof;

 

	 	(k) 	       “Market Price” has the meaning set out in Exchange Policy 1.1;

 

	 	(l) 	        “this Agreement” means this Loan Agreement.

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	2. 	        Cash Advances to be made

 

	2.01 	    BV hereby agrees to advance up to an additional $700,000 in cash to
the Company in tranches in accordance with Schedule A attached hereto (individually an “Advance” and collectively
“Advances”), with each Advance to be considered a secured loan accruing interest at the rate of fourteen percent (14%)
per annum calculated from the date of each Advance as at May 31 and as at November 30 of each year in which such
interest is payable hereunder, such interest also to be considered Advances hereunder over and above the amounts set
forth in Schedule A, unless BV elects otherwise, as provided for in paragraph 2.02 herein.  If applicable this interest
will be considered an Advance received on the date such interest is payable as provided for in paragraph 2.02 herein.

 

	 	The Company will repay to BV the principal amount of each Advance as
provided for in paragraph 6.01 herein.  Advances hereunder, other than interest when considered an Advance
hereunder, will be made in accordance with Schedule A attached hereto.  Advances are to be made on the first
business day of each month in which Advances are to be made. 

 

	2.02 	    As provided for in paragraph 2.01 herein, interest owing on Advances
will also be considered Advances, unless BV elects otherwise, in which event it may direct that the Company pay the
interest owing on the Advances hereunder either in cash or in common shares in its capital stock (“Shares”).  In the
event BV elects to have the interest paid either in cash or in Shares, it will so notify the Company within ten (10)
business days prior to the date such interest payments become due and payable.  The interest will be due on or before
June 30 and December 31 of each year in which such interest is payable hereunder.  In the event interest is to be paid
in Shares, they would be issued at a deemed price per Share equal to the greater of:

 

	 	(a) 	       the Discounted Market Price of the Company’s common shares as of
the close of the market on the date of the Company’s news release announcing the proposed payment of interest in Shares,
provided that said news release shall be issued on the date that BV elects to receive the payment of interest in Shares;
and

 

	 	(b) 	       the volume weighted average trading price (the “VWAP”) of the
Company’s common shares over the twenty (20) trading days prior to the date such interest  is calculated (being May 31
and November 30 each year), with the VWAP to be calculated by dividing the total value of common shares of the Company
as traded on the Exchange (or on such other stock exchange or quotation system where the majority of the Company’s
trading takes place) by the total volume of shares traded, with the amount of interest to be calculated in Canadian
funds based on the  Exchange Rate as of the date such interest is calculated.

 

	2.03 	    The Company shall pay to BV a late charge equal to five percent (5%)
of each payment due under this Agreement, or under any other instrument evidencing or securing this Agreement, that is
not paid in full within ten (10) days after the applicable due date as provided for in paragraph 6.01 herein.  Such late
charge shall accrue and be due as of the due date for such payment and represents a reasonable estimate of fair
compensation for the loss that may be sustained by BV for the failure of the Company to make timely payment.  Such late
charge shall be paid without prejudice to the right of BV to collect any other amounts provided for hereunder or to
pursue any other rights and remedies available to BV under this Agreement, under any documents securing and/or
guaranteeing this Agreement, at law or in equity. 

 

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	2.04 	    All past due principal (whether in due course or by acceleration),
past due interest and past due late charges shall, both before and after judgment, bear interest at the default rate of
eighteen percent (18%) per annum compounded monthly from and after the applicable due date, as provided for in paragraph
6.01 herein, until paid in full.  

 

	2.05 	    The Company agrees to pay any and all reasonable costs and expenses
(regardless of the particular nature thereof and whether incurred before or after the initiation of suit or before or
after judgment) which may be incurred by BV in connection with the enforcement of any of its rights under this Agreement
and/or any instrument securing or guaranteeing this Agreement, including but not limited to attorney fees and all costs
and expenses of collection.

 

	2.06 	    The Company, and all sureties, guarantors, and endorsers hereof,
severally waive presentment for payment, demand, and notice of dishonor and nonpayment of this Agreement, and consent to
any and all extensions of time, renewals, waivers, or modifications that may be granted by BV with respect to the
payment or other provisions of this Agreement, and to the release of any security, or any part thereof, with or without
substitution.

 

	2.07 	    Notwithstanding any other provision contained in this Agreement or in
any instrument given to evidence or secure the obligations evidenced hereby:

 

	 	(a) 	       the rates of interest and charges provided for herein and therein
shall in no event exceed the rates and charges which would result in interest being charged at a rate equaling the
maximum allowed by law; and 

 

	 	(b) 	       if for any reason whatsoever BV ever receives as interest in
connection with the transaction of which this Agreement is a part an amount which would result in interest being charged
at a rate exceeding the maximum allowed by law, such amount or portion thereof as would otherwise be excessive interest
shall automatically be applied toward reduction of the unpaid principal balance then outstanding hereunder and not
toward payment of interest.

 

	3. 	        Bonus Shares

 

	3.01 	    As additional consideration for the cash Advances made by BV to the
Company pursuant to paragraph 2.01 hereof, the Company agrees to issue to or as directed by BV the Bonus Shares referred
to in sub-paragraph 3.01(a) herein as follows, with such Bonus Shares to be issued within ten (10) business days of each
of June 30 and December 31 of each year in which such securities are to be issued hereunder, with the number of Bonus
Shares to be calculated as set forth below:

 

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	 	(a) 	       that number of Bonus Shares in its capital equal to six percent
(6%) of the amount of the Advance, divided by the Market Price of the Company’s common shares as of the close of
business on the date of the Advance, as adjusted by the Exchange Rate on the date of the Advance, subject to the minimum
price per share and the maximum number of Bonus Shares provided for in Exchange Policy 5.1; and

 

	 	(b) 	       for greater certainty, Bonus Shares shall not be issuable in
respect of interest which is deemed to be an Advance in accordance with sections 2.01 and 2.02 hereof.

 

	4. 	        Security for Advances

 

	4.01 	    As security for the repayment of the Advances made pursuant to this
Agreement, together with all accrued and unpaid interest thereon, the Company hereby grants, mortgages and charges in
favour of BV, by way of a floating charge, its undertaking and all of its other property and assets for the time being,
real and personal, movable and immovable, of whatsoever nature and kind, both present and in the future (the
“Property”), including all of the issued and outstanding shares of the Subsidiary.  For greater certainty, the parties
specifically acknowledge and agree that the charges hereby created in favour of BV constitute a first charge and will
rank pari passu with the floating charge granted in favour of BV in respect of cash advances made pursuant to
earlier loan agreements among the parties, together with all accrued and unpaid interest thereon; the parties also
acknowledge and agree that these charges are in priority to any and all specific or floating charges created by the
Company in favour of any other creditors.  The Company and the Subsidiary each agree to take all steps and actions as
are reasonably necessary to assist BV with the registration of its interest in the Property in any provincial, state or
federal property or title registries.  It is also acknowledged by the parties that the Company shall be at liberty to,
in the future, create or suffer to be created mortgages, charges, liens or encumbrances, by other specific charges or
floating charges, ranking subsequent to the floating charges hereby created; it is also acknowledged by the parties
that, unless otherwise specifically agreed to in writing by BV, the Company shall not be at liberty to, and shall not
create or suffer to be created, any mortgage, charge, lien or encumbrance upon the Property or the issued and
outstanding shares of the Subsidiary ranking in priority to or pari passu with the charges hereby created, or to
sell or dispose of the same otherwise than in the ordinary course of its business as at present conducted.

 

	4.02 	    The parties also agree that the security provided for in paragraph
4.01 herein will be cancelled and of no further force or effect in the event of the repayment of the Indebtedness.

 

	5. 	        Board Representation

 

	5.01 	    During the period any portion of the Indebtedness remains outstanding,
the Company, if requested to do so by BV, agrees to include an individual designated by BV as one of management’s
nominees for director in the notice of meeting and information circular to be distributed to the shareholders of the
Company in connection with the next annual general meeting of its shareholders held subsequent to its receipt of said
request from BV.

 

6

	6. 	        Repayment Provisions

 

	6.01 	    The parties agree that the Company will repay the Indebtedness on the
earlier of:

 

	 	(a) 	       June 30, 2020; and

 

	 	(b) 	       60 days after a Pre-Feasibility Study in respect of the Bovill
Kaolin Project has been prepared in accordance with National Instrument 43-101 and has been duly filed on SEDAR.

 

	7. 	        Participation Right

 

	7.01 	    If at any time after the Effective Date hereof and for so long as any
Advance is outstanding, the Company proposes to issue or sell any common shares or convertible securities (“Additional
Securities”) other than:

 

	 	(a) 	       pursuant to the exercise of any stock options granted under the
Company’s stock option plan; or

 

	 	(b) 	       pursuant to the exercise of any share purchase warrants issued
pursuant to previously-completed private placements; or

 

	 	(c) 	       for property interests other than money;

 

	 	 BV  shall have the right to subscribe for and purchase (directly or
through an affiliate) Additional Securities, at the price at which such Additional Securities are offered for sale to
other purchasers, up to its then pro rata interest in the issued and outstanding common shares of the Company, in each
case, prior to giving effect to the issuance or sale of such Additional Securities (the “Maximum Additional
Securities”). 

 

	7.02 	    If the Company intends to authorize and/or issue Additional Securities
that give rise to BV’s rights pursuant to paragraph 7.01, the Company shall provide notice to BV (the “Rights Notice”)
no less than six business days before the date on which the Company intends to issue Additional Securities giving rise
to BV’s rights pursuant to paragraph 7.01.

 

	7.03 	    The Rights Notice shall provide the same information to BV regarding
the particulars of the issuance or sale of the Additional Securities as is provided to other persons proposing to
participate in the subscription for Additional Securities.  BV shall give notice (an “Acceptance Notice”) to the Company
not later than 5:00 p.m. (Vancouver time) on the fifth business day following the receipt of any Rights Notice, setting
out the number of Additional Securities, if any, up to the Maximum Additional Securities, which BV intends to subscribe
for and purchase.  Following receipt of an Acceptance Notice, BV shall be entitled to participate in the subscription
for Additional Securities in the same manner as other persons subscribing for Additional Securities and shall be
entitled to subscribe for the number of Additional Securities specified in the Acceptance Notice under such
subscription.

 

7

	8. 	        Acceptances and Approvals

 

	8.01 	    The Company agrees to make application to the Exchange for its
acceptance for the issuance of any Shares payable in settlement of interest owing on any Advances as provided for in
paragraph 2.02 herein, and for the issuance of the Bonus Shares pursuant to paragraph 3.01 herein, which applications
will include all required supporting documents and information and the applicable filing fees.  The issuance of any such
Shares and/or Bonus Shares will in each case be subject to the Company receiving written acceptance from the Exchange
therefor.

 

	8.02 	    In the event the provisions of Exchange Policy 5.9 and Multilateral
Instrument 61-101 (each entitled “Protection of Minority Security Holders in Special Transactions”) apply to any of the
provisions of this Agreement, the Company also agrees to seek the required approval of its shareholders thereunder at
its next annual general meeting of its shareholders, to be held on or before December 31, 2018, in order to seek the
requisite approval from its shareholders for the provisions hereof requiring such approval.

 

	9. 	        Notices

 

	9.01 	    All notices, payments and other communications given in connection
with this Agreement shall be in writing, and the respective addresses of the parties for the service of any notice,
payment or other communication shall be as follows:

 

	 	(a) 	       if to the Company:

 

	 	I-Minerals Inc.
Suite 880 – 580
Hornby Street
Vancouver, British Columbia, Canada
V6C 3B6

 

	 	Attention:  Barry Girling, Director
Email: wbg@imineralsinc.com

 

	 	(b) 	       if to the Subsidiary:

 

	 	i-minerals USA Inc.
Suite 880 –
580 Hornby Street
Vancouver, British Columbia, Canada
V6C 3B6

 

	 	Attention:  Barry Girling, Director
Email: wbg@imineralsinc.com

 

8

	 	(c) 	       if to BV:

 

	 	BV Lending, LLC
Suite 201 – 901
Pier View Drive
Idaho Falls, Idaho, U.S.A.
83402

 

	 	Attention:  Cortney Liddiard, Chief Executive
Officer
Email: flyfish@ballventures.com

 

	 	with a copy to:

 

	 	Thel W. Casper, Esq.
General
Counsel to Ball Ventures, LLC
P. O. Box 51298
Idaho Falls, Idaho, U.S.A.
83402

 

	 	Email: tcasper@ballventures.com 

 

	 	Any notice, payment or other communication shall be sufficiently given if
delivered by email or by hand or by reputable courier service, or, absent postal disruption, if sent by registered mail,
postage prepaid, posted within either Canada or the United States of America, to the parties at their respective
addresses for service as set forth above.  Any notice, payment or other communication shall be deemed to have been
given and received on the first business day on which it is presented during normal business hours at the address for
service of the addressee.  Any party may change its address for service by notice in writing to the other
parties.

 

	10. 	      Time of the Essence

 

	10.01 	  Time shall be of the essence of this Agreement.

 

	11. 	      U.S. Dollars

 

	11.01 	  All references herein to dollar amounts are to lawful currency of the
United States of America, unless otherwise specifically provided for herein.

 

	12. 	      Headings

 

	12.01 	  The headings contained herein are for convenience only and shall not
affect the meaning or interpretation hereof.

 

	13. 	      Singular and Plural, etc.

 

	13.01 	  Where the context so requires, words importing the singular number
include the plural and vice versa, and words importing gender shall include the masculine, feminine and neuter
genders.

 

9

	14. 	      Entire Agreement

 

	14.01 	  This Agreement constitutes the only agreement among the parties with
respect to the subject matter hereof and shall supersede any and all prior negotiations and understandings.  This
Agreement may be amended or modified in any respect by written instrument only.

 

	15. 	      Severability

 

	15.01 	  The invalidity or unenforceability of any particular provision of this
Agreement shall not effect or limit the validity or enforceability of the remaining provisions of this Agreement.

 

	16. 	      Governing Law

 

	16.01 	  This Agreement shall be governed by and construed in accordance with the
laws of the Province of British Columbia and the laws of Canada applicable therein.  The parties irrevocably attorn to
the jurisdiction of the courts of British Columbia, which will have non-exclusive jurisdiction over any matter arising
out of this Agreement.

 

	17. 	      Dispute Resolution

 

	17.01 	  If any dispute arises between any of the Parties (the Parties in dispute
being the “Participants”) concerning this Agreement or its interpretation or the respective rights, duties or
liabilities of the Parties, then a Participant may give to the other Participants notice in writing of the existence of
such dispute, specifying its nature and the point at issue and the Participants agree:

 

	 	(a) 	        to try to resolve the dispute by participating in a structured
negotiation with a mediator under the Commercial Mediation Rules of British Columbia International Commercial
Arbitration Centre (“BCICAC”);

 

	 	(b) 	       where a dispute is not resolved by mediation within a period of 30
days after the appointment of a mediator or within such further period of time to which the Participants agree, any
Participant may refer the dispute to be finally resolved by arbitration under the BCICAC Rules.  The appointing
authority will be the BCICAC, the case shall be administered by the BCICAC in accordance with its “Procedures for Cases
under the BCICAC Rules” and the place of arbitration shall be Vancouver, British Columbia. The appointment by the BCICAC
is binding upon all of the Participants;

 

	 	(c) 	       the arbitrator will give his decision in writing within three weeks
of his being appointed and the decision, both on the dispute and on the costs of the arbitration will be final and
binding upon the Participants;

 

	 	(d) 	      the arbitrator will have full authority to rule on any question of
law in the same manner as any Judge in any Court of the Province of British Columbia and the ruling of the arbitrator on
any question of law will be final and binding upon the Participants; and

 

10

	 	(e) 	       the failure of any Participant to abide by the decision of the
arbitrator is considered a material breach of this Agreement.

 

	 	This paragraph shall survive any termination of this Agreement and
continues in full force and effect notwithstanding any determination by a court or the Parties that one or more other
provisions of this Agreement are invalid, contrary to law or unenforceable.

 

	18. 	      Successors and Assigns

 

	18.01 	  The terms and provisions of this Agreement shall be binding upon and
enure to the benefit of each of the parties and their respective successors and permitted assigns; provided that
this Agreement shall not be assignable by any party without the written consent of each of the other parties
hereto.

 

	19. 	      Further Assurances

 

	19.01 	  Each of the parties hereto shall do or cause to be done all such acts
and things and execute or cause to be executed all such documents, agreements and other instruments as may reasonably be
necessary or desirable for the purpose of carrying out the provisions and intent of this Agreement.

 

	20. 	      Effective Date

 

	20.01 	  This Agreement is intended to and shall take effect as of the date first
set forth above, notwithstanding its actual date of execution or delivery.

 

	21. 	      Counterparts and Facsimile

 

	21.01 	  This Agreement may be executed in any number of counterparts by
original, facsimile or other form of electronic signature, each of which so executed shall constitute an original and
all of which taken together shall form one and the same agreement.

 

IN WITNESS WHEREOF the parties have executed and delivered this Agreement as of
the day and year first above written.

	
        Executed by
I-Minerals
Inc.
in   the presence of:
		
	
___________________________________________
Authorized   Signatory		

11

	
        Executed by
i-minerals USA
Inc.
in   the presence of:
		
	
___________________________________________ 
Authorized   Signatory		

	
        Executed by
BV Lending, LLC

        By:      Ball Ventures, LLC, an Idaho limited
 
          liability company, the Member

                   
Per:                           
                         
                        Cortney
Liddiard, CEO
		

SCHEDULE A

	
        2019

	
        Budget
					
        October
	
        November
	
        December
	
						
        $250,000
	
        $250,000
	
        200,000
	
									

	DATED:         October 25, 2019
	 
	 
	
        Among:

        I-Minerals Inc.

        OF THE FIRST PART

        And:

        i-minerals USA Inc.

        OF THE SECOND PART

        And:

        BV Lending, LLC

        OF THE THIRD PART

	 
	 
	LOAN AGREEMENT
	 
	 
	 
	Tupper Jonsson & Yeadon
1710 - 1177 West
Hastings Street
Vancouver, B. C.
V6E
2L3

Telephone: (604) 640-6355Exhibit 4.1

 

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS 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, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. 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.

 

COMMON STOCK PURCHASE WARRANT

 

GENIUS
BRANDS INTERNATIONAL, inc.

 

	Warrant Shares: ______________	Issue Date:  December [●], 2019
	 	Initial Exercise Date:  June [●][1], 2020

 

THIS COMMON STOCK PURCHASE
WARRANT (the “Warrant”) certifies that, for value received, _______________________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on
or after June [●][2],
2020 (the “Initial Exercise Date”) and on or prior to 5:00 p.m. on June [ ], 2025[3]
(the “Termination Date”) but not thereafter, to subscribe for and purchase from Genius Brands International,
Inc., a Nevada corporation (the “Company”), up to ____________ shares (as subject to adjustment hereunder, the
“Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall
be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Warrant Exercise Agreement
(the “Exercise Agreement”), dated December [●], 2019, among
the Company and the purchasers signatory thereto. 

 

 

 

 

[1]
Six months and one day after issuance.

[2]
Six months and one day after issuance.

[3]
Insert the date that is the five year anniversary of the Initial Exercise Date; provided, that if such date is not a Trading Day,
insert the next Trading Day.

 

 

    	 	1	 

     

    

 

Section 2. Exercise.

 

a) Exercise of Warrant. Exercise of the purchase rights
represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on
or before the Termination Date by delivery to the Company of a duly executed facsimile copy (or e-mail attachment) of the Notice
of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and
(ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the
date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable
Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure
specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be
required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records
showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant,
acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares
hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on
the face hereof.

 

b) Exercise Price.
The exercise price per share of Common Stock under this Warrant shall be $0.3004, subject to adjustment hereunder (the “Exercise
Price”).

 

c) Cashless Exercise.
If at any time after the six month anniversary of the Initial Exercise Date, there is no effective registration statement registering,
or no current prospectus available for, the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised,
in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive
a number of Warrant Shares equal to the quotient obtained by dividing (A-B) (X) by (A), where:

 

	(A)	 	= as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(68) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. (“Bloomberg”)as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;
	(B)	 	= the Exercise Price of this Warrant, as adjusted hereunder; and
	(X)	 	= the number of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were by means of a cash exercise rather than a cashless exercise.

  

 

 

 

    	 	2	 

     

    

 

If
Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9)
of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period
of the Warrants being exercised may be tacked on to the holding period of the Warrant Shares.  The Company agrees not
to take any position contrary to this Section 2(c).

 

“Bid Price”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the bid price of the Common Stock for the time in question (or the nearest preceding date) on the
Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day from 9:30 a.m.
(New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCBB, OTCQB or OTCQX is not a Trading Market, the volume
weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCBB, OTCQB or OTCQX as applicable,
(c) if the Common Stock is not then listed or quoted for trading on OTCBB, OTCQB or OTCQX and if prices for the Common Stock are
then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices), the
most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a share
of Common Stock as determined by an independent appraiser selected in good faith by the Purchasers of a majority in interest of
the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

“VWAP”
means, for any date, the price determined by the first of the following clauses that applies: (a) if the Common Stock is then listed
or quoted on a Trading Market, the daily volume weighted average price of the Common Stock for such date (or the nearest preceding
date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg (based on a Trading Day
from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b)  if OTCBB, OTCQB or OTCQX is not a Trading Market,
the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCBB, OTCQB or OTCQX as
applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCBB, OTCQB or OTCQX and if prices for the Common
Stock are then reported on the Pink Open Market (or a similar organization or agency succeeding to its functions of reporting prices),
the most recent bid price per share of the Common Stock so reported, or (d) in all other cases, the fair market value of a
share of Common Stock as determined by an independent appraiser selected in good faith by the Holders of a majority in interest
of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the
Company.

 

Notwithstanding anything herein to the contrary,
on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).

 

d) Mechanics of Exercise. 

 

i. Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer
Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository
Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant
in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or
resale of the Warrant Shares by Holder or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical
delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the
number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the
Notice of Exercise by the date that is the earlier of (i) the earlier of (A) two (2) Trading Days after the delivery to the Company
of the Notice of Exercise and (B) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (ii) the
number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such
date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, 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 Warrant Shares, provided that payment of the aggregate Exercise Price (other
than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading
Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. The Company agrees to maintain a transfer
agent that is a participant in the FAST program so long as this Warrant remains outstanding and exercisable.  As used herein,
“Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on
the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice
of Exercise.

 

 

 

    	 	3	 

     

    

 

ii. Delivery of New
Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and
upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant
evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall
in all other respects be identical with this Warrant.

 

iii. Rescission Rights.
If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the
Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv. Compensation for
Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions
of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder
is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise
purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated
receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount,
if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common
Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required
to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such
purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent
number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver
to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise
and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000
to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such
purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the
Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the
Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right
to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific
performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon
exercise of the Warrant as required pursuant to the terms hereof.

  

v. No Fractional Shares
or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As
to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its
election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the
Exercise Price or round up to the next whole share.

 

vi. Charges, Taxes
and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other
incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company,
and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided,
however, that in the event Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when
surrendered for exercise shall be accompanied by the Assignment Form attached hereto (the “Assignment Form”)
duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it
for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any
Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar
functions) required for same-day electronic delivery of the Warrant Shares.

 

vii. Closing of Books.
The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant
to the terms hereof.

  

 

 

    	 	4	 

     

    

 

e) Holder’s
Exercise Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise
any portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after
exercise as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other
Persons acting as a group together with the Holder or any of the Holder’s Affiliates, such other Persons, “Attribution
Parties”)), would beneficially own in excess of the Beneficial Ownership Limitation (as defined below). For purposes
of the foregoing sentence, the number of shares of Common Stock beneficially owned by the Holder, its Affiliates and Attribution
Parties shall include the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which such determination
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (i) exercise of the remaining,
nonexercised portion of this Warrant beneficially owned by the Holder or any of its Affiliates or Attribution Parties and (ii)
exercise or conversion of the unexercised or nonconverted portion of any other securities of the Company (including, without limitation,
any other Common Stock Equivalents) subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Holder or any of its Affiliates or Attribution Parties. Except as set forth in the preceding sentence,
for purposes of this Section 2(e), beneficial ownership shall be calculated in accordance with Section 13(d) of the Exchange Act
and the rules and regulations promulgated thereunder, it being acknowledged by the Holder that the Company is not representing
to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Holder is solely responsible
for any schedules required to be filed in accordance therewith. To the extent that the limitation contained in this Section 2(e)
applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Holder together
with any Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion
of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination of whether this
Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates and Attribution Parties)
and of which portion of this Warrant is exercisable, in each case subject to the Beneficial Ownership Limitation, and the Company
shall have no obligation to verify or confirm the accuracy of such determination. In addition, a determination as to any group
status as contemplated above shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. For purposes of this Section 2(e), in determining the number of outstanding shares of Common Stock, a Holder
may rely on the number of outstanding shares of Common Stock as reflected in (A) the Company’s most recent periodic or annual
report filed with the Commission, as the case may be, (B) a more recent public announcement by the Company or (C) a more recent
written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding. Upon the written
or oral request of a Holder, the Company shall within two Trading Days confirm orally or in writing to the Holder the number of
shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock shall be determined after
giving effect to the conversion or exercise of securities of the Company, including this Warrant, by the Holder or its Affiliates
or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial
Ownership Limitation” shall be [4.99% / 9.99%] of the number of shares of the Common Stock outstanding immediately after
giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the
Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial
Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving
effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section
2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st
day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which
may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements
necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a
successor holder of this Warrant.

  

 

 

 

    	 	5	 

     

    

 

Section 3. Certain Adjustments.

 

a) Stock Dividends
and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution
or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common
Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of
reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares
of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction
of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately
before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such
event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate
Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective
immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall
become effective immediately after the effective date in the case of a subdivision, combination or re-classification.

  

b) Subsequent Rights
Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells
any Common Stock Equivalents 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 Beneficial Ownership Limitation) 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
Beneficial Ownership Limitation, 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 Beneficial Ownership Limitation).

 

c) Pro Rata Distributions.
During such time as this Warrant is outstanding, 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, 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
Beneficial Ownership Limitation) immediately before the date of 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 Distribution would
result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such
Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such
extent) and the portion of such Distribution 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 Beneficial Ownership Limitation).

 

 

 

 

 

    	 	6	 

     

    

 

d) Fundamental Transaction. If, at
any time while this Warrant is outstanding, (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, (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 holders of Common Stock are permitted to sell, tender or exchange their shares
for other securities, cash or property and has been accepted by the holders 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, or (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, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group 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) (each a “Fundamental Transaction”), then, upon any subsequent exercise
of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise
immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation
in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation
or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”)
receivable as a result of such Fundamental Transaction by a holder of the number of shares of Common Stock for which this Warrant
is exercisable immediately prior to such Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise
of this Warrant). 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. The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor
(the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant and the
other Transaction Documents in accordance with the provisions of this Section 3(e) pursuant to written agreements in form and substance
reasonably satisfactory to the Holder and shall, at the option of the Holder, 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
which is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) 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 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),
and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Warrant and the other Transaction Documents referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Warrant and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company
herein. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity
(as defined below) 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 Black Scholes Value of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental
Transaction; provided, however, that, if the Fundamental Transaction is not within the Company's control, including
not approved by the Company's Board of Directors, Holder shall only be entitled to receive from the Company or any Successor Entity,
as of the date of consummation of such Fundamental Transaction, the same type or form of consideration (and in the same proportion),
at the Black Scholes Value (as defined below) of the unexercised portion of this Warrant, that is being offered and paid to the
holders of Common Stock of the Company in connection with the Fundamental Transaction, whether that consideration be in the form
of cash, stock or any combination thereof, or whether the holders of Common Stock are given the choice to receive from among alternative
forms of consideration in connection with the Fundamental Transaction. “Black Scholes Value” means the value
of this Warrant based on the Black and Scholes Option Pricing Model obtained from the “OV” function on Bloomberg determined
as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest
rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the
applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement
of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the sum of the
price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental
Transaction and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental
Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available
funds (or such other consideration) within five (5) Business Days of the Holder’s election (or, if later, on the effective
date of the Fundamental Transaction).

  

 

 

 

 

    	 	7	 

     

    

 

e) Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

f) Notice to Holder.

 

i. Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
deliver to the Holder by facsimile or email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment
to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

ii. Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by facsimile or email
to the Holder at its last facsimile number or email address as it shall appear upon the Warrant Register of the Company, at least
20 calendar days prior to the applicable record or effective date hereinafter specified, a notice stating (x) the date on which
a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to
be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption,
rights or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or
share exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock
of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon
such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to deliver such notice
or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified
in such notice. To the extent that any notice provided in this Warrant constitutes, or contains, material, non-public information
regarding the Company or any of the Subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant
to a Current Report on Form 8-K. The Holder shall remain entitled to exercise this Warrant during the period commencing on the
date of such notice to the effective date of the event triggering such notice except as may otherwise be expressly set forth herein.

  

Section 4. Transfer of Warrant.

 

a) Transferability.
Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions
of Section 2.3 of the Exercise Agreement, this Warrant and all rights hereunder (including, without limitation, any registration
rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender
and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or
assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue
to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within
three (3) Trading Days of the date the Holder delivers an Assignment Form to the Company assigning this Warrant full. The Warrant,
if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having
a new Warrant issued.

 

 

 

 

    	 	8	 

     

    

 

b) New Warrants.
This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together
with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its
agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination,
the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined
in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the original Issue Date and shall
be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.

  

c) Warrant Register.
The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”),
in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant
as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes,
absent actual notice to the contrary.

 

d) Transfer Restrictions.
If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant
shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable
state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information
requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee
of this Warrant, as the case may be, comply with the provisions of Section 2.3 of the Exercise Agreement.

 

e) Representation
by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any
exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for
distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities
law, except pursuant to sales registered or exempted under the Securities Act.

 

Section 5. Miscellaneous.

 

a) No Rights as
Stockholder Until Exercise. This Warrant does not entitle the Holder to any voting rights, dividends or other rights as a stockholder
of the Company prior to the exercise hereof as set forth in Section 2(d)(i), except as expressly set forth in Section 3.

 

b) Loss, Theft,
Destruction or Mutilation of Warrant. The Company covenants that upon receipt by the Company of evidence reasonably satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant or any stock certificate relating to the Warrant Shares, and
in case of loss, theft or destruction, of indemnity or security reasonably satisfactory to it (which, in the case of the Warrant,
shall not include the posting of any bond), and upon surrender and cancellation of such Warrant or stock certificate, if mutilated,
the Company will make and deliver a new Warrant or stock certificate of like tenor and dated as of such cancellation, in lieu of
such Warrant or stock certificate.

 

c) Saturdays, Sundays,
Holidays, etc. If the last or appointed day for the taking of any action or the expiration of any right required or granted
herein shall not be a Business Day, then, such action may be taken or such right may be exercised on the next succeeding Business
Day.

  

 

 

 

    	 	9	 

     

    

 

d) Authorized Shares.

 

The Company
covenants that, during the period the Warrant is outstanding, it will reserve from its authorized and unissued Common Stock a sufficient
number of shares to provide for the issuance of the Warrant Shares upon the exercise of any purchase rights under this Warrant.
The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company
will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without
violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be
listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented
by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance
herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by
the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such
issue).

 

Except and
to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending
its articles of incorporation, as amended, or through any reorganization, transfer of assets, consolidation, merger, 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, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such
actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without
limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount
payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary
or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise
of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any
public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under
this Warrant.

 

Before taking
any action which would result in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the
Exercise Price, the Company shall obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary
from any public regulatory body or bodies having jurisdiction thereof.

  

e) Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Exercise Agreement.

 

f) Restrictions.
The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant will have restrictions upon resale imposed
by state and federal securities laws.

 

g) Nonwaiver and
Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate
as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies, notwithstanding the fact that all
rights to exercise this warrant hereunder terminate on the Termination Date. If the Company willfully and knowingly fails to comply
with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such
amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees,
including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

 

 

 

    	 	10	 

     

    

 

h) Notices.
Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Exercise Agreement.

 

i) Limitation of
Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder
for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company
or by creditors of the Company.

 

j) Remedies.
The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled
to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

k) Successors and
Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to
the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns
of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and
shall be enforceable by the Holder or holder of Warrant Shares.

 

l) Amendment.
This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.

  

m) Severability.
Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable
law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

n) Headings.
The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of
this Warrant.

 

********************

 

(Signature Page Follows)

 

 

 

 

    	 	11	 

     

    

 

 

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

 

	 	
        GENIUS BRANDS INTERNATIONAL,
        inc.

         

         

 

	 	
        By:__________________________________________

        Name:

        Title:

         

	 	 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	12	 

     

    

 

NOTICE OF EXERCISE

 

To: GENIUS BRANDS
INTERNATIONAL, inc.

 

 

(1) The undersigned hereby elects to purchase
________ Warrant Shares of the Company pursuant to the terms of the attached Warrant (only if exercised in full), and tenders herewith
payment of the exercise price in full, together with all applicable transfer taxes, if any.

  

(2) Payment shall take the form of (check
applicable box):

 

[  ] in lawful money of the United States;
or

 

[  ] if permitted the cancellation of such
number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to exercise this Warrant
with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure set forth in subsection
2(c).

 

(3) Please issue said Warrant Shares in the
name of the undersigned or in such other name as is specified below:

 

 

____________________

 

The Warrant Shares shall be delivered to
the following DWAC Account Number:

 

____________________

 

____________________

 

____________________

 

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

 

[SIGNATURE
OF HOLDER]

 

Name of Investing Entity: ______________________________________________________

Signature of Authorized Signatory of
Investing Entity: ________________________________

Name of Authorized Signatory: __________________________________________________

Title of Authorized Signatory: ___________________________________________________

Date: ______________________________________________________________________

 

 

 

    	 	13	 

     

    

 

EXHIBIT B

 

ASSIGNMENT FORM

 

(To assign the foregoing Warrant, execute
this form and supply required information. Do not use this form to purchase shares.)

FOR VALUE RECEIVED, the foregoing Warrant
and all rights evidenced thereby are hereby assigned to

	Name:	 
	 	(Please Print)
	Address:	 
	 	(Please Print)
	Phone Number:	 
	Email Address	 
	Dated: _______________ __, ______	 
	Holder’s Signature: _______________	 
	Holder’s Address: ________________	 

 

 

 

 

 

 

 

 

 

 

 

 

    	 	14

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