Document:

EXHIBIT 10.1

 

CONTINGENT VALUE RIGHTS AGREEMENT

 

THIS CONTINGENT VALUE
RIGHTS AGREEMENT, dated as of March 25, 2022 (this “Agreement”), by and among COMMUNICATIONS SYSTEMS, INC.,
a Minnesota corporation (the “Parent”), Equiniti Trust Company, as Rights Agent (the “Rights Agent”),
and Richard A. Primuth, in his capacity as the initial CVR Holders’ Representative (the “CVR Holders’ Representative”).

 

Recitals

 

WHEREAS, the Parent,
Helios Merger Co., a Delaware corporation and direct wholly owned subsidiary of the Parent (the “Merger Sub”),
and Pineapple Energy, LLC, a Delaware limited liability company (the “Company”), entered into an Agreement and
Plan of Merger dated as of March 1, 2021 (as may be amended or restated from time-to-time, the “Merger Agreement”),
pursuant to which the Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving
the Merger as a subsidiary of the Parent;

 

WHEREAS, pursuant to
the Merger Agreement, the Parent agreed to issue and distribute to the Persons, who as of the close of the Business Day immediately
preceding the Effective Time are shareholders of record of the Parent, the right to receive certain contingent value rights, on
the terms and subject to the conditions hereinafter described; and

 

WHEREAS, the Parent
desires that the Rights Agent act as its agent for the purposes of effecting the distribution of the CVRs (as hereinafter defined)
to those shareholders of the Parent entitled to receive CVRs and performing the other services described in this Agreement.

 

NOW
THEREFORE, in consideration of the foregoing and the consummation of the transactions referred to above, the parties hereto,
intending to be legally bound, agree as follows:

 

ARTICLE I

DEFINITIONS

 

Section
1.1.          Definitions. For all
purposes of this Agreement, except as otherwise expressly provided or unless the context otherwise requires:

 

(a)            the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as
the singular;

 

(b)            all accounting terms used herein and not expressly defined herein shall have the meanings assigned to such terms in accordance
with United States generally accepted accounting principles, as in effect on the date hereof;

 

(c)            the words “herein,” “hereof” and “hereunder” and other words of similar import refer
to this Agreement as a whole and not to any particular Article, Section or other subdivision;

 

(d)            unless the context otherwise requires, words describing the singular number shall include the plural and vice versa, words
denoting any gender shall include all genders and words denoting natural Persons shall include corporations, limited liability
companies, partnerships and other Persons and vice versa;

 

(e)            all references to “including” shall be deemed to mean including without limitation; and

 

(f)            capitalized terms used but not otherwise defined herein shall have the meanings ascribed thereto in the Merger Agreement.
The following terms shall have the meanings ascribed to them as follows:

 

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“Accountant”
has the meaning set forth in Section 2.8.

 

“Affiliate”
means, with respect to any Person, any Person that controls, is controlled by, or is under common control with such Person.

 

“Business
Day” means any day except Saturday, Sunday or any other day on which commercial banks located in Minneapolis, Minnesota
are authorized or required by Law to be closed for business.

 

“CVR Escrow”
means a segregated escrow account controlled by Parent in which all: (i) Net Proceeds, and (ii) the Reserve Fund amounts,
if any, will be held until disbursed pursuant to the terms of this Agreement.

 

“CVR Payment
Amount” means (a)(i) with respect to any Legacy Monetization for which a Disposition Agreement or Qualified LOI is entered
into prior to the Effective Time (but, with respect to a Qualified LOI, only if the Legacy Monetization is on terms and conditions
that are substantially similar to the terms and conditions set forth in the Qualified LOI), 100% of the Net Proceeds in respect
of each respective item of Gross Proceeds received by the Parent or any of its Affiliates regardless of when any such Gross Proceeds
are actually received, or (ii) with respect to any Legacy Monetization for which a Disposition Agreement is entered into following
the Effective Time (other than in connection with a Qualified LOI), 90% of Net Proceeds in respect of each respective item of Gross
Proceeds received by the Parent or any of its Affiliates as a result of any Legacy Monetization regardless of when any such Gross
Proceeds are actually received, less (b) any Reserve Fund amounts applicable to each such respective item of Gross Proceeds,
which amounts shall be determined as provided in Section 2.5 herein. Notwithstanding the foregoing, any CVR Payment Amount that
is less than $200,000 shall be aggregated with the next subsequent CVR Payment Amount, and if not paid prior thereto, included
in the Final CVR Payment and, further provided, in no event shall any CVR Payment, including the Final CVR Payment, be made if
the CVR Payment Amount would be less than $50,000 in the aggregate.

 

“CVR Payment
Date” means the fifth Business Day after the CVR Payment Determination Date.

 

“CVR Payment
Determination Date” means, for each CVR Payment Period during the term of this Agreement, the earlier of: (i) the date,
following the end of such CVR Payment Period, on which the Parent and the CVR Holders’ Representative agree in writing as
to the amount of the CVR Payment payable for such period in accordance with Section 2.5; or (ii) the date any dispute with respect
to such CVR Payment Amount is resolved pursuant to the provisions of Section 2.5.

 

“CVR Payment
Period” means each calendar quarter during the CVR Term, with the first CVR Payment Period commencing on the date hereof
and ending on June 30, 2022.

 

“CVR Payment
Statement” means, for a given CVR Payment Period, a written statement of the Parent, setting forth in reasonable detail,
(i) the proposed CVR Payment Amount for such CVR Payment Period, (ii) a description of the total amounts received during such CVR
Payment Period from each Legacy Monetization, and (iii) a calculation of any Monetization Expenses during such CVR Payment Period.

 

“CVR Register”
has the meaning set forth in Section 2.4(b).

 

“CVR Registrar”
has the meaning set forth in Section 2.4(b).

 

“CVRs”
means the contingent value rights issued by the Parent as contemplated by this Agreement. Unless otherwise specified herein, for
purposes of this Agreement all the CVRs shall be considered as part of and shall act as one class only.

 

“CVR Term”
means the period beginning on the Effective Time and ending on the date that is 24 months following the Effective Time.

 

“Disposition
Agreement” means a definitive agreement, contract or other document entered into by the Parent providing for the sale,
transfer, disposition, spin-off, or license of all or any part of the Parent Legacy Assets.

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“DTC”
means The Depository Trust Company or any successor thereto.

 

“Effective
Time” has the meaning set forth in the Merger Agreement.

 

“Final CVR
Payment” means the CVR Payment Date on which the last CVR Payment related to all the Legacy Monetizations is made.

 

“Gross Proceeds”
means all cash or cash proceeds (and the fair market value, as determined by the Parent as of the time of receipt, of all non-cash
consideration such as stock or marketable securities) received by the Parent from a Legacy Monetization.

 

“Holder”
means a Person in whose name a CVR is registered in the CVR Register, and includes any Person who becomes a Holder pursuant to
a Permitted Transfer upon such Person’s registry in the CVR Register.

 

“Legacy Monetization”
means the sale, transfer, disposition, spin-off, or license of all or any part of the Parent Legacy Assets, which transaction is
consummated during the CVR Term. A Legacy Monetization will also include the distribution of any cash or cash equivalents (“Legacy
Cash”) that are a part of the Parent Legacy Assets in any amount that is in excess of the liabilities and obligations
relating to Parent or the Parent Legacy Assets at the Effective Time.

 

“Legacy Shareholders”
has the meaning set forth in Section 2.2.

 

“Monetization
Expenses” means:

 

(a)       any
expenses incurred or accrued relating to any unpaid invoice by the Parent or any of its Affiliates as a result of pursuing, negotiating,
entering into and closing any Legacy Monetization, fees and out-of-pocket expenses of the Rights Agent and CVR Holders’ Representative
and any other brokerage fee, finder’s fee, success fees, transaction fees, service fees, commission, accountant fees, advisor
fees, legal fees and similar items in incurred as a result of pursuing, negotiating, entering into and closing any Legacy Monetization,
provided, however, that, in each case, in no event shall the Monetization Expenses include any administrative or similar expenses
or fees payable by the Parent in connection with its general overhead;

 

(b)       any
applicable Tax (including any applicable value added or sales taxes) imposed on Gross Proceeds and payable by the Parent or any
of its Affiliates following the Effective Time (regardless of whether the due date for such Taxes arises during or after the CVR
Term) and, without duplication, any income or other similar Taxes payable by the Parent or any of its Affiliates following the
Effective Time that would not have been incurred by the Parent or any of its Affiliates but for the Legacy Monetization or Gross
Proceeds; provided that such Taxes shall be computed after taking into account any available net operating loss carryforwards or
other Tax attributes existing as of the Effective Time actually recognized by the Parent or its Affiliates;

 

(c)       to
the extent not paid with Legacy Cash or by revenue generated solely by the Parent Legacy Assets prior to the closing of the Legacy
Monetization, any expenses incurred by Parent or any of its Affiliates in respect of the performance of this Agreement following
the Effective Time, including preserving and maintaining any Parent Legacy Assets, indemnification expenses with respect to Parent
Legacy Assets, allocation of rent expenses or in respect of its performance of any Contract in connection with any Parent Legacy
Assets, including any costs related to the prosecution, maintenance or enforcement by Parent or any of its Affiliates of intellectual
property rights in the Parent Legacy Assets;

 

(d)       any
loss, liability, damage, judgment, fine, penalty, cost or expense incurred or reasonably
expected to be incurred by or payable by Parent or any of its Affiliates following the Effective Time arising out of any third-party
claims, demands, actions, or other proceedings relating to any disposition of Parent Legacy Assets, including indemnification obligations
of the Parent or any of its Affiliates set forth in any Disposition Agreement (a “Loss”). To the extent any
Loss to Parent is mitigated, in whole or in part, by the receipt of net proceeds from insurance by Parent during the CVR Term,
such

 

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amounts received shall be treated as Monetization Expenses (as a credit), with net proceeds from insurance calculated as the
gross proceeds received by Parent from insurance policies, less expenses incurred or accrued by Parent relating to the collection
of such insurance proceeds (including any administrative or similar expense and the costs of employees and consultants of Parent
in connection with obtaining such proceeds), less the net present value of anticipated future insurance price increases
to Parent in connection with such claims (as determined by Parent’s board of directors), with Parent under no obligation
to maintain any insurance or attempt to collect any such insurance payments; and

 

(e)       to
the extent not paid by revenue generated solely by the Parent Legacy Assets prior to the closing of the Legacy Monetization, any
Liabilities borne by the Parent or any of its Affiliates pursuant to any Contract or Disposition Agreement primarily related to
Parent Legacy Assets, including costs or severance payments and benefits arising from the termination thereof and the termination
of employees of Parent whose position related primarily to the Parent Legacy Assets; provided, that obligations under the change
in control agreements related to the persons set forth on Schedule 2 shall not constitute Monetization Expenses unless these
scheduled individuals are notified of termination of employment or the individuals notify Parent of their intent to terminate their
employment prior to the Effective Time.

 

“Net Proceeds”
means, with respect to each respective Legacy Monetization, the excess, if any, of (i) all Gross Proceeds less (ii) all
Monetization Expenses. For clarity, to the extent Monetization Expenses exceed Gross Proceeds
for any CVR Payment Period, any excess Monetization Expenses shall be applied against Gross Proceeds in subsequent CVR Payment
Periods.

 

“Notice of
Objection” has the meaning set forth in Section 2.5(b).

 

“Parent Legacy
Assets” means any and all assets, properties, and equipment of the Parent in existence as of the Effective Time. Notwithstanding
the foregoing, Parent may retain and utilize duplicate copies of the books and records of Parent and such duplicated books and
records are not Parent Legacy Assets.

 

“Permitted
Transfer” means: (i) a transfer of any or all of the CVRs (upon the death of the Holder) by will or intestacy; (ii) a
transfer by instrument to an inter vivos or testamentary trust in which the CVRs are to be passed to beneficiaries under the terms
of such trust; (iii) transfers made pursuant to a court order of a court of competent jurisdiction (such as in connection
with divorce, bankruptcy or liquidation); (iv) a transfer made by operation of law (including a consolidation or merger) or
in connection with the dissolution, liquidation or termination of any corporation, limited liability company, partnership or other
entity; (v) a transfer from a participant’s account in a tax-qualified employee benefit plan to the participant or to
such participant’s account in a different tax-qualified employee benefit plan or to a tax-qualified individual retirement
account for the benefit of such participant; or (vi) a transfer from a participant in a tax-qualified employee benefit plan,
who received the CVRs from such participant’s account in such tax-qualified employee benefit plan, to such participant’s
account in a different tax-qualified employee benefit plan or to a tax-qualified individual retirement account for the benefit
of such participant.

 

“Person”
means any individual, firm, corporation, limited liability company, partnership, trust or other entity, and shall include any successor
(by merger or otherwise) thereof or thereto.

 

“Qualified
LOI” means any letter of intent, memorandum of understanding or term sheet, which document includes substantially all
of the material terms of the transaction with specificity (such as price, payment terms (including escrows, earn-outs, milestones,
working capital or purchase price adjustments or similar matters), employment matters, indemnification terms, covenants and other
material terms) that results in a transaction that closes (on substantially similar terms with the same counterparty (or an affiliate
or related party thereof) as set forth in such letter of intent, memorandum of understanding or term sheet) within the later of
(i) six months after the date of such letter of intent, memorandum of understanding or term sheet or (ii) six months after the
Effective Time. For the avoidance of doubt, if a definitive agreement,

 

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contract or other document is subsequently entered into
by the Parent prior to the Effective Time that provides for the sale, transfer, disposition, spin-off, or license of all or any
part of the Parent Legacy Assets and such definitive agreement, contract or other document replaces any such letter of intent,
memorandum of understanding or term sheet, the same shall constitute a Disposition Agreement for all purposes herein and not a
Qualified LOI.

 

“Reserve Fund”
means, with regard to each particular Legacy Monetization other than a distribution of Legacy Cash, an amount reasonably determined
by the Parent, not to exceed: (i) in the case of any Legacy Monetization arising out of a Qualified LOI or for which a Disposition
Agreement is entered into prior to the Effective Time, 7.5% of the Gross Proceeds of such Legacy Monetization, and (ii) in the
case of any Legacy Monetization for which a Disposition Agreement is entered into following the Effective Time (other than in connection
with a Qualified LOI), 6.75% of the Gross Proceeds of such Legacy Monetization, which is to be retained as part of the CVR Escrow
in accordance with this Agreement to satisfy any indemnification obligations of the Parent contained in the Disposition Agreement
for such Legacy Monetization in excess of any escrow fund established pursuant to the Disposition Agreement for such Legacy Monetization
for purposes of satisfying the Parent’s indemnification obligations thereunder.

 

“Surviving
Person” has the meaning set forth in Section 6.1(a).

 

ARTICLE II

CONTINGENT VALUE RIGHTS

 

Section
2.1.           Appointment of Rights Agent. The
Parent hereby appoints Equiniti Trust Company to act as the Rights Agent for the Parent in accordance with the instructions hereinafter
set forth in this Agreement, and the Rights Agent hereby accepts such appointment.

 

Section
2.2.           Issuance of CVRs. The
CVRs shall be issued and distributed by the Rights Agent after the Effective Time to the Persons who as of the close of trading
on the Nasdaq Capital Market on the Business Day before the Effective Time are shareholders of record of the Parent (the “Legacy
Shareholders”). Each Legacy Shareholder is entitled to one CVR for each share of Parent Common Stock held by such Legacy
Shareholder as of the close of the Business Day immediately preceding the Effective Time.

 

Section
2.3.           Nontransferable. The
CVRs may not and shall not be sold, assigned, transferred, pledged, encumbered or in any other manner transferred or disposed of,
in whole or in part, other than through a Permitted Transfer. The CVRs will not be listed
on any quotation system or traded on any securities exchange.

 

Section
2.4.           No Certificate; Registration; Registration of Transfer;
Change of Address.

 

(a)            The CVRs shall be issued in book-entry form only and shall not be evidenced by a certificate or other instrument.

 

(b)            The Rights Agent shall keep a register (the “CVR Register”) for the registration of CVRs. The Rights
Agent is hereby initially appointed as the registrar and transfer agent (the “CVR Registrar”) for the purpose
of registering CVRs and transfers of CVRs as herein provided. The CVR Register will initially
show one position for Cede & Co. representing shares of Parent Common Stock held by DTC on behalf of the street holders
of the shares of Parent Common Stock held by such holders as of the close of the Business Day immediately preceding the Effective
Time. The Rights Agent will have no responsibility whatsoever directly to the street name holders with respect to transfers of
CVRs. With respect to any payments or issuances to be made under this Agreement, the Rights Agent will accomplish the payment to
any former street name holders of shares of Parent Common Stock by sending one lump-sum payment or issuance to DTC. The
Rights Agent will have no responsibilities whatsoever with regard to the distribution of payments by DTC to such street name holders.

 

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(c)            Subject to the restrictions on transferability set forth in Section 2.3, every request made to effect a Permitted
Transfer of a CVR must be in writing and accompanied by a written instrument or instruments of transfer and any other requested
documentation in a form reasonably satisfactory to the Parent and the CVR Registrar, duly executed by the registered Holder or
Holders thereof or by the duly appointed legal representative thereof. A request for a transfer of a CVR shall be accompanied by
such documentation establishing that the transfer is a Permitted Transfer as may be reasonably requested by the Parent and the
CVR Registrar (including opinions of counsel), if appropriate. Upon receipt of such written notice, the CVR Registrar shall, subject
to its reasonable determination that the transfer instrument is in proper form and the transfer otherwise complies with the other
terms and conditions herein, register the transfer of the CVRs in the CVR Register. All duly transferred CVRs registered in the
CVR Register shall be the valid obligations of the Parent, evidencing the same right and shall entitle the transferee to the same
benefits and rights under this Agreement, as those held by the transferor. No transfer of a CVR shall be valid until registered
in the CVR Register, and any transfer not duly registered in the CVR Register will be void ab initio. Any transfer or assignment
of the CVRs shall be without charge (other than the cost of any transfer Tax which shall be the responsibility of the transferor)
to the Holder. The Parent and the Rights Agent may require evidence of payment of a sum sufficient
to cover any stamp, documentary, registration, or other Tax or governmental charge that is imposed in connection with any such
registration of transfer (or evidence that such Taxes and charges are not applicable). 

 

(d)            A Holder (or the CVR Holders’ Representative, on behalf of a Holder) may make a written request to the CVR Registrar
to change such Holder’s address of record in the CVR Register. The written request must be duly executed by the Holder and
conform to such other reasonable requirements as the CVR Registrar may from time to time establish. Upon receipt of such proper
written notice, the CVR Registrar shall promptly record the change of address in the CVR Register.

 

(e)            The Parent will provide written instructions to the Rights Agent for the distribution
of CVRs to holders of Parent Common Stock as of the close of the Business Day immediately preceding the Effective Time. Subject
to the terms and conditions of this Agreement and the Parent’s prompt confirmation of the Effective Time, the Rights Agent
shall effect the distribution of the CVRs, less any applicable withholding tax, to each holder of Parent Common Stock as of the
Effective Time by the mailing of a statement of holding reflecting such CVRs.

 

Section
2.5.           Quarterly Payment Procedures During CVR Term.

 

(a)            No later than 30 days after the end of each CVR Payment Period during the CVR Term in which the Parent received Gross Proceeds,
the Parent shall deliver to the CVR Holders’ Representative and Rights Agent a CVR Payment Statement for such CVR Payment
Period. In the event the CVR Payment Statement is delivered before ten days after the end of a CVR Payment Period during the CVR
Term, it shall be deemed delivered on the tenth day after the end of a CVR Payment Period (the “Earliest Delivery Date”).
Concurrent with the delivery of each CVR Payment Statement, the Parent shall provide the CVR Holders’ Representative and
Rights Agent with reasonable documentation to support its calculation of the CVR Payment, if any, and Monetization Expenses. Upon
the CVR Holders’ Representative’s request, the Parent shall make its accounting personnel available during normal business
hours to the CVR Holders’ Representative or its authorized representative to discuss, answer questions and, to the extent
available to the Parent, provide written information reasonably related to the calculation of the proposed CVR Payment Amount.
Following consideration of the information provided by the Parent, no later than 15 days after the CVR Holders’ Representative’s
receipt of all information contemplated by this Section 2.5(a), the CVR Holders’ Representative may deliver a written
notice to Parent objecting (with a copy to the Rights Agent) to the calculation of the CVR Payment Amount and Monetization Expenses
(a “Notice of Objection”), stating the basis upon which the CVR Holders’ Representative has determined
that (i) a CVR Payment Amount is due and payable, or (ii) the calculation of the CVR Payment Amount is in error. Any Notice of
Objection shall identify in reasonable detail the nature of any proposed revisions to the CVR Payment. If the CVR Holders’
Representative fails to deliver a Notice of Objection within such

 

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15-day period, the last day of such period shall be the CVR Payment
Determination Date. If, after delivery of a Notice of Objection, the Parent and CVR Holders’ Representative informally agree
in writing on the amount of the CVR Payment, if any, and calculation of Monetization Expenses, the date of such agreement shall
be deemed the CVR Payment Determination Date (provided, that if such date is before the Earliest Delivery Date, the CVR Payment
Determination Date shall be the Earliest Delivery Date). If, after 15 days, the Parent and CVR Holders’ Representative are
unable to agree informally on the amount of the CVR Payment, if any, and calculation of Monetization Expenses, any dispute arising
from the Notice of Objection shall be resolved in accordance with Section 7.4 or by an independent third party valuation
expert selected by the Parent and the CVR Holders’ Representative (and subject to the execution of a reasonable and customary
confidentiality/nonuse agreement), whose decision shall be binding on the parties hereto and every Holder; and, the date of such
decision shall be the CVR Payment Determination Date (provided, that if such date is before the Earliest Delivery Date, the CVR
Payment Determination Date shall be the Earliest Delivery Date). The fees charged by the valuation expert referenced in the foregoing
sentence shall be allocated between the Parent and the Holders (by deduction from the CVR Payment Amount) in the same proportion
that the disputed amount of the CVR Payment Amount that was unsuccessfully disputed by (as finally determined by the valuation
expert) bears to the total disputed amount of the CVR Payment Amount.

 

(b)           On or before each CVR Payment Date, the Parent shall deliver to the Rights Agent and cause the Rights Agent to deliver to
the Holders, pro rata as to their CVR holdings, the amount of the indicated CVR Payment Amount. It is understood that all Monetization
Expenses shall be applied in full (but without duplication) against respective Gross Proceeds. Any Reserve Fund amounts in the
CVR Escrow established for a Legacy Monetization shall be released from such Reserve Fund upon the earlier of: (i) 12 months following
the consummation of the applicable Legacy Monetization; and (ii) the expiration of any generally applicable indemnity escrow established
for purposes of breaches of the Parent’s representations and warranties in any Disposition Agreement. Thereafter, any such
released Reserve Fund amounts shall be included by the Parent in the CVR Payment Amount paid on the next CVR Payment Date.

 

(c)           All payments by the Parent hereunder shall be made in U.S. dollars. The Parent shall be entitled to deduct and withhold,
or cause to be deducted or withheld, from each CVR Payment Amount otherwise payable pursuant to this Agreement, such amounts as
Parent is required to deduct and withhold with respect to the making of such payment under the Internal Revenue Code of 1986, as
amended or succeeded, or any provision of state, local or foreign tax law. To the extent that amounts are so withheld or paid over
to or deposited with the relevant governmental entity, such withheld amounts shall be treated for all purposes of this Agreement
as having been paid to the Holder in respect of which such deduction and withholding was made.

 

(d)           Nothing in this Agreement, including this Section 2.5, shall preclude Parent, CVR Holders’ Representative, and Rights
Agent from agreeing to and effectuating a special CVR Payment to Holders prior to the end of a calendar quarter on such terms and
conditions as to which they mutually agree.

 

Section
2.6.          No Voting, Dividends or Interest; Authority Vested in the
CVR Holders’ Representative; No Equity or Ownership Interest in Parent.

 

(a)           The CVRs shall not have any voting or dividend rights, and interest shall not accrue on any amounts payable on the CVRs.

 

(b)           The CVRs shall not represent any equity or ownership interest in the Parent (or in any constituent company to the Merger)
or in any Parent Legacy Assets or other asset. It is hereby acknowledged and agreed that the CVRs shall not represent a security
of the Parent. The rights or remedies of the holders of CVRs are contractual rights limited to those expressly set forth in this
Agreement, and such Holders’ sole right to receive property is the right to receive cash from the Parent in accordance with
the terms hereof.

 

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(c)           The CVR Holders’ Representative is the exclusive representative, agent and attorney-in-fact of each Holder and all
Holders to represent the rights of the Holders under this Agreement. No Holder may challenge or contest any action, inaction, determination
or decision of the CVR Holders’ Representative or the authority or power of the CVR Holders’ Representative and will
not threaten, bring, commence, institute, maintain, prosecute or voluntarily aid any action, which challenges the validity of or
seeks to enjoin the operation of any provision of this Agreement, including the provisions relating to the authority of the CVR
Holders’ Representative to act on behalf of such Holder and all Holders as set forth in this Agreement.

 

(d)           It is hereby acknowledged and agreed that the CVRs and the possibility of any payment
hereunder with respect thereto are highly speculative and subject to numerous factors outside of the Parent’s control, and
there is no assurance that Holders will receive any payments under this Agreement or in connection with the CVRs. It is also hereby
acknowledged and agreed that it is highly possible that no Legacy Monetization will occur prior to the expiration of the CVR Term
and that there will not be any Gross Proceeds that may be the subject of a CVR Payment Amount. 

 

Section
2.7.           Discretion and Decision-Making Authority; No Fiduciary
Duty.

 

(a)           Until the expiration of the CVR Term, the CVR Holders’ Representative and the Parent shall cooperate to use commercially
reasonable efforts to pursue Legacy Monetizations, and the CVR Holders’ Representative shall have the final discretion and
decision making authority, not to be unreasonably withheld, over the final terms of each Legacy Monetization, including the particular
manner, and upon what terms and conditions each Legacy Monetization is consummated; provided, that, any such Legacy Monetization
shall require the Parent to execute the Disposition Agreement (so long as such Disposition Agreement does not include unreasonable
burdens or obligations on the Parent). In furtherance of the foregoing:

 

 (i)            the Parent shall not, before the expiration of the CVR Term, sell, transfer, dispose, spin-off, or license any Parent
Legacy Assets or use Legacy Cash, except pursuant to a Legacy Monetization agreed to by the CVR Holders’ Representative or
in the ordinary course of business of the Parent Legacy Assets consistent with past practice;

 

 (ii)           the Parent shall not before the expiration of the CVR Term terminate or intentionally materially negatively impact
the Parent Legacy Assets, including by failing to preserve and maintain the Parent Legacy Assets, without the prior written approval
of the CVR Holders’ Representative, which consent shall not be unreasonably withheld, conditioned or delayed; and

 

 (iii)          the Parent shall pay $50,000 to the CVR Holders’ Representative at the Effective Time as compensation for services
rendered by the CVR Holders’ Representative pursuant to this Agreement.

 

(b)           The CVR Holders’ Representative, after good faith discussions with Parent, shall be entitled to be reimbursed from
the CVR Escrow for direct costs and expenses related to any Legacy Monetization.

 

(c)           It is acknowledged and agreed that neither the Parent nor its Affiliates owe, by virtue
of their obligations under this Agreement, a fiduciary duty or any implied duties to the Holders and the parties hereto, and the
Parent and its Affiliates intend solely the express provisions of this Agreement to govern their contractual relationship with
respect to the CVRs. It is acknowledged and agreed that this Section 2.7(c) is an essential and material term of this Agreement.
Except as expressly set forth herein, none of the Parent or any of its Subsidiaries shall have any obligation or liability
whatsoever to any Holder relating to or in connection with any action, or failure to act, with respect to the sale of the Parent
Legacy Assets. Following the CVR Term, the Parent shall be permitted to take any action in respect of the Parent Legacy Assets
in order to satisfy any wind-down Liabilities associated with the Parent Legacy Assets.

 

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Section
2.8.          Audit Right and Information Rights.

 

(a)           Prior to the termination of this Agreement, upon not less than 45 calendar days’ prior written request by the CVR
Holders’ Representative, the Parent shall meet at reasonable times during normal business hours with the CVR Holders’
Representative to discuss the content of any CVR Payment Statement. Such meeting shall not be requested more frequently than twice
each calendar year. The Parent agrees to maintain, for at least one year after the last possible Legacy Monetization, all books
and records relevant to the calculation of a CVR Payment Amount and the amount of Net Proceeds. Prior to the termination of this
Agreement (but not requested more frequently than once per calendar year), subject to not less than 45 calendar days advance written
notice from the CVR Holders’ Representative and prior execution and delivery by it and an independent accounting firm of
national reputation chosen by the CVR Holders’ Representative (the “Accountant”) of a reasonable and customary
confidentiality/nonuse agreement, the Parent shall permit the CVR Holders’ Representative and the Accountant, acting as agent
of the CVR Holders’ Representative, at the CVR Holders’ Representative’s cost, to have access during normal business
hours to the books and records of the Parent as may be reasonably necessary to (and for the sole purpose) audit the calculation
of such CVR Payment Amount or the calculation of the amount of Net Proceeds.

 

(b)           Commencing at the Effective Time and ending on the Final CVR Payment date, the CVR Holders’ Representative will have
reasonable access to the schedule of deposits and releases regarding the CVR Escrow.

 

Section
2.9.          Termination. This Agreement
will expire and be of no force or effect, the parties hereto will have no liability hereunder (other than with respect to monies
due and owing by the Parent to the CVR Holders’ Representative, if applicable, and the Rights Agent or any other rights of
the Rights Agent which expressly survive the termination of this Agreement), and no additional payments will be required to be
made (and the CVRs will expire without any consideration or compensation therefor),
upon the earlier of (a) the payment of the full amount of all CVR Payment Amounts to the Rights Agent and the payment of the full
amount of all CVR Payment Amounts to the Holders by the mailing by the Rights Agent of each applicable CVR Payment Amount to each
Holder at the address reflected in the CVR Register and (b) the expiration of the CVR Term; provided that this Agreement shall
remain in effect and not limit the right of Holders to receive the CVR Payment Amounts to
the extent earned prior to the expiration of this Agreement or held in the CVR Escrow or Reserve Fund, and the provisions applicable
thereto will survive the expiration of this Agreement until such CVR Payments have been made, if applicable.

 

Section
2.10.       Ability to Abandon CVR. A Holder may at any
time, at such Holder’s option, abandon all of such Holder’s remaining rights in a CVR by transferring such CVR to the
Parent with or without consideration therefor. Nothing in this Agreement is intended to prohibit the Parent from offering to acquire
CVRs for consideration in its sole discretion.

 

ARTICLE III

THE RIGHTS AGENT; THE CVR HOLDERS’ REPRESENTATIVE

 

Section
3.1.          Certain Duties and Responsibilities of the Rights Agent.
The Rights Agent shall not have any liability for any actions taken or not taken in connection
with this Agreement, except to the extent of its willful misconduct or gross negligence (as determined by a final, non-appealable
judgment of a court of competent jurisdiction). No provision of this Agreement shall require the Rights Agent to expend or risk
its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of
any of its rights or powers.

 

Section
3.2.          Certain Rights of Rights Agent. The
Rights Agent undertakes to perform such duties and only such duties as are specifically set forth in this Agreement, and no implied
covenants or obligations shall be read into this Agreement against the Rights Agent. The Rights Agent will report to both

 

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the CVR
Holders’ Representative and Parent. In addition:

 

(a)           the Rights Agent may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed by it to be genuine
and to have been signed or presented by the proper party or parties;

 

(b)           the Rights Agent may engage and consult with counsel of its selection and the written advice of such counsel or any opinion
of counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder
in good faith and in reliance thereon;

 

(c)           in the event of arbitration, the Rights Agent may engage and consult with tax experts, valuation firms and other experts
and third parties that it, in its sole and absolute discretion, deems appropriate or necessary to enable it to discharge its duties
hereunder;

 

(d)           the Rights Agent shall not be required to give any note or surety in respect of the execution of such powers or otherwise
in respect of the premises; and

 

(e)           the Parent agrees to indemnify the Rights Agent for, and hold the Rights Agent harmless against, any loss, liability, claim,
demands, suits or expense arising out of or in connection with the Rights Agent’s duties under this Agreement, including
the costs and expenses of defending the Rights Agent against any claims, charges, demands, suits or loss, unless such loss shall
have been determined by a court of competent jurisdiction to be a result of the Rights Agent’s willful misconduct or gross
negligence or for the fees of counsel and expenses in connection with any lawsuit initiated by the Rights Agent on behalf of itself
or the Holders.

 

(f)            The Parent agrees (i) to pay the fees and expenses of the Rights Agent in connection with this Agreement, as set forth on
Schedule 1 hereto, and (ii) to reimburse the Rights Agent for all taxes and governmental charges, reasonable expenses and
other charges of any kind and nature incurred by the Rights Agent in the execution of this Agreement (other than taxes measured
by the Rights Agent’s net income). The Rights Agent shall also be entitled to reimbursement from the Parent for all reasonable
and necessary out-of-pocket expenses paid or incurred by it in connection with the administration by the Rights Agent of its duties
hereunder. An invoice for the agreed-upon fee of the Rights Agent as set forth on Schedule 1 will be rendered a reasonable
time prior to, and paid on, the Effective Time. The foregoing shall not apply to the extent
an expense has been determined by a decision of a court of competent jurisdiction to have resulted from the Rights Agent’s
gross negligence or willful misconduct. An invoice for any out-of-pocket expenses and per item fees realized will be rendered
and payable within 30 days after receipt by the Parent.

 

Section
3.3.          Resignation and Appointment of Successor Rights Agent.

 

(a)           The Rights Agent may resign at any time by giving written notice thereof to the Parent specifying a date when such resignation
shall take effect, which notice shall be sent at least 30 days prior to the date so specified.

 

(b)           If the Rights Agent resigns or become incapable of acting, the Parent shall promptly appoint a qualified successor Rights
Agent who may be the CVR Holders’ Representative or a Holder but shall not be an officer of the Parent. The successor Rights
Agent so appointed shall, forthwith upon its acceptance of such appointment in accordance with this Section 3.3(b), become
the successor Rights Agent.

 

(c)           The Parent shall give notice of each resignation and each removal of a Rights Agent and each appointment of a successor
Rights Agent by mailing written notice of such event by first-class mail, postage prepaid, to the CVR Holders’ Representative.
The CVR Holders’ Representative shall forward such notice to the Holders.

 

     10

     

    

 

Section
3.4.           Acceptance of Appointment by Successor Rights Agent. Every
successor Rights Agent appointed hereunder shall execute, acknowledge and deliver to the Parent, the CVR Holders’ Representative
and to the retiring Rights Agent an instrument accepting such appointment and a counterpart of this Agreement, and thereupon such
successor Rights Agent, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and
duties of the retiring Rights Agent; provided, that upon the request of Parent, the CVR Holders’ Representative or the successor
Rights Agent, such retiring Rights Agent shall execute and deliver an instrument transferring to such successor Rights Agent all
the rights, powers and trusts of the retiring Rights Agent.

 

Section
3.5.         Certain Limitations on the Duties and Responsibilities
of the CVR Holders’ Representative. The CVR Holders’ Representative shall not have
any liability of any kind to the Holders, or any Person claiming an interest in any Holder’s entitlement to proceeds from
the CVRs, with respect to any action or omission by the CVR Holders’ Representative in connection with or related to the
CVR Holders’ Representative’s services pursuant to this Agreement, except to the extent of his or her willful misconduct
or gross negligence (as determined by a final, non-appealable judgment of a court of competent jurisdiction). No provision of this
Agreement shall require the CVR Holders’ Representative Agent to expend or risk personal funds or otherwise incur any financial
liability in the performance of any of duties hereunder or in the exercise of any of the rights or powers of the CVR Holders’
Representative.

 

Section
3.6.           Certain Rights of the CVR Holders’ Representative.
The CVR Holders’ Representative undertakes to perform such duties and only such duties
as are specifically set forth in this Agreement, and no implied covenants or obligations shall be read into this Agreement against
the CVR Holders’ Representative. In addition:

 

(a)            the CVR Holders’ Representative may rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed
by it to be genuine and to have been signed or presented by the proper party or parties;

 

(b)            the CVR Holders’ Representative may engage and consult with counsel of its selection and the written advice of such
counsel or any opinion of counsel shall be full and complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in reliance thereon;

 

(c)            in the event of arbitration, the CVR Holders’ Representative may engage and consult with tax experts, valuation firms
and other experts and third parties that it, in its sole and absolute discretion, deems appropriate or necessary to enable it to
discharge its duties hereunder;

 

(d)            the CVR Holders’ Representative shall be entitled to receive indemnification exclusively from Legacy Monetizations
for any loss, liability, claim, demands, suits or expense arising out of or in connection with duties under this Agreement, including
the costs and expenses of defense against any claims, charges, demands, suits or loss, unless such loss shall have been determined
by a court of competent jurisdiction to be a result of the CVR Holders’ Representative willful misconduct or gross negligence.

 

ARTICLE IV

COVENANTS

 

Section
4.1.           List of Holders. The
Parent shall cause its Registrar and Transfer Agent to furnish to the Rights Agent the names, addresses and shareholdings of the
Holders as of the close of the Business Day immediately preceding the Effective Time. The Parent shall cause the CVR Registrar
to promptly provide a copy of the CVR Register to the CVR Holders’ Representative upon reasonable request.

 

     11

     

    

 

Section
4.2.           Provision of CVR Payment Amounts. The
Parent shall promptly provide, but in no event later than each CVR Payment Date, to the Rights Agent with the applicable cash payable
in respect of the applicable CVR Payment Amount, if any, to be distributed to the Holders in accordance with the terms of this
Agreement.

 

Section
4.3.          Assignments. The Parent
shall not, in whole or in part, assign any of its obligations under this Agreement other than in accordance with the terms of Section
6.1 or Section 7.2 hereof. At any time, the CVR Holders’ Representative may assign any of its rights or obligations
under this Agreement (or this Agreement in its entirety) to any third party (reasonably acceptable to the Parent) to serve as a
successor CVR Holders’ Representative, provided that such assignee executes a written joinder to this Agreement assuming
the rights and duties of the CVR Holders’ Representative. 

 

Section
4.4.          Records. The Parent shall,
and shall cause its Affiliates to, keep true, complete and accurate records in sufficient detail to enable the Holders and their
consultants or professional advisors to confirm (a) whether any payments related to any Legacy Monetization giving rise to any
CVR Payment Amounts have been received by Parent or its successors or Affiliates and (b) the applicable CVR Payment Amount payable
to each Holder hereunder in accordance with the terms specified in this Agreement.

 

Section
4.5.           No Encumbrances. Until
the expiration of the CVR Term and the payment of the CVR Final Payment, the Parent shall not, and not permit any Subsidiary of
Parent to, create or permit to exist any Encumbrance on any of the Parent Legacy Assets, including any Legacy Cash and equity of
any Subsidiary of Parent that was a Subsidiary of Parent prior to the Effective Time.

 

ARTICLE V

AMENDMENTS

 

Section
5.1.          Amendments without Consent of Holders. Without
the consent of any Holders or of the CVR Holders’ Representative (except as to items described in (b), (d), (g) and (h) below,
which shall require the prior written consent of the CVR Holders’ Representative), the Parent, at any time and from time
to time after the Effective Time, may unilaterally execute and implement one or more amendments hereto, provided, that notwithstanding
anything in this Agreement to the contrary, the Rights Agent may, but shall not be obligated to, enter into any supplement or amendment
that materially and adversely affects the Rights Agent’s own rights, duties, obligations or immunities under this Agreement:

 

(a)            to evidence the succession of another Person to the Parent and the assumption by any such successor of the covenants of
the Parent herein, in a transaction contemplated by Section 6.1 hereof;

 

(b)            to evidence the appointment of another Person as a successor Rights Agent and the assumption by any successor Rights Agent
of the covenants and obligations of the Rights Agent herein in accordance with the provisions hereof;

 

(c)            to add to the covenants of the Parent such further covenants, restrictions, conditions or provisions as the Parent and the
Rights Agent consider to be for the protection and benefit of the Holders; provided that in each case, such provisions
do not adversely affect the interests of the Holders;

 

(d)            to cure any ambiguity, to correct or supplement any provision in this Agreement that may be defective or inconsistent with
any other provision in this Agreement, or to make any other provisions with respect to matters or questions arising under this
Agreement; provided that, in each case, such provisions do not adversely affect the interests of the Holders;

 

(e)            as may be necessary or appropriate to ensure that the CVRs are not subject to registration under the Securities Act or the
Exchange Act and the rules and regulations promulgated thereunder, or any applicable foreign or state securities or “blue
sky” laws; provided that, in each case, such amendment does not adversely affect the interests of the Holders;

 

     12

     

    

 

(f)             as may be necessary or appropriate to ensure that the Parent is not required to produce a prospectus or an admission document
in order to comply with applicable Law;

 

(g)            to cancel the applicable CVRs (i) in the event that any Holder has abandoned its rights in accordance with this Agreement
or (ii) following a transfer of such CVRs to the Parent or its Affiliates in accordance with this Agreement;

 

(h)            to effect any other amendment to this Agreement for the purpose of adding, eliminating or changing any provisions of this
Agreement; provided that, in each case, such amendment does not adversely affect the interests of the Holders; or

 

(i)             as may be necessary or appropriate to ensure that the Parent complies with applicable Law.

 

Promptly after
the execution by the Parent of any amendment pursuant to the provisions of this Section 5.1, the Parent shall provide a
copy of such amendment to the CVR Holders’ Representative.

 

Section
5.2.           Amendments with Consent of Holders. Subject
to Section 5.1 (which amendments pursuant to Section 5.1 may be made without the consent of the Holders or of the
CVR Holders’ Representative), with the consent of not less than a majority of the outstanding CVRs, whether evidenced in
writing or taken at a meeting of the Holders, the CVR Holders’ Representative, the Parent and the CVR Holders’ Representative
may enter into one or more amendments hereto for the purpose of adding, eliminating or changing any provisions of this Agreement,
even if such addition, elimination or change is in any way adverse to the interests of the Holders. The Parent and the Rights Agent
agree to fully cooperate with the CVR Holders’ Representative in soliciting and obtaining the consent of the Holders as required
by this Section. Promptly after the execution by the Parent, the CVR Holders’ Representative and the Rights Agent of any
amendment pursuant to the provisions of this Section 5.2, the Parent will mail (or cause the Rights Agent to mail) a notice
thereof by first class mail to the Holders at their addresses as they appear on the CVR Register, setting forth in general terms
the substance of such amendment.

 

Section
5.3.           Effect of Amendments. Upon
the execution of any amendment under this Article V, this Agreement shall be modified in accordance therewith, such
amendment shall form a part of this Agreement for all purposes and every Holder shall be bound thereby.

 

ARTICLE VI

CONSOLIDATION, MERGER, SALE OR CONVEYANCE

 

Section
6.1.           Parent May Consolidate, Etc. The
Parent shall not consolidate with or merge into any other Person (other than a merger or consolidation where the Parent is the
surviving corporation), unless:

 

(a)            the Person formed by such consolidation or into which the Parent is merged, (the “Surviving Person”)
shall expressly assume payment (if and to the extent required hereunder) of amounts on all the CVRs and the performance of every
duty and covenant of this Agreement on the part of the Parent to be performed or observed; and

 

(b)            the Parent has delivered to the CVR Holders’ Representative and the Rights Agent an Officer’s Certificate, stating
that such consolidation or merger complies with this Article VI and that all conditions precedent herein provided for relating
to such transaction have been complied with.

 

Section
6.2.            No Allocation to Parent Legacy Assets. No
transaction described in Section 6.1 shall give, and the Merger shall not give, the Holders the right to a CVR Payment Amount.

 

Section
6.3.            Successor Substituted. Upon
any consolidation of or merger by the Parent with or into any other Person, the Surviving Person shall succeed to, and be substituted
for, and may exercise

 

     13

     

    

 

every right and power of, the Parent under this Agreement with the same effect as if the Surviving Person
had been named as Parent herein.

 

ARTICLE VII

OTHER PROVISIONS OF GENERAL APPLICATION

 

Section
7.1.             Notices. Any notice,
report, request, approval or consent required or permitted to be given under this Agreement shall be in writing and shall be addressed
as follows:

 

(a)              if to a Holder or any or all Holders or the CVR Holders’ Representative, addressed to the CVR Holders’ Representative
at:

 

	 	Richard A. Primuth
	 	[redacted]	 
	 	[redacted]	 
	 	Telephone:	[redacted]
	 	Email:	[redacted]
	 	 	 
	with a copy (which will not constitute notice) to:
	 
	 	Ballard Spahr LLP
	 	80 S. 8th Street, Suite 2000
	 	Minneapolis, MN 55402
	 	Attn.:	Barbara Rummel
	 	 	Peter Jaslow
	 	Telephone:	(612) 371-3211
	 	Facsimile:	(612) 371-3207
	 	Email:	rummelb@ballardspahr.com
	 	 	jaslowp@ballardspahr.com
	 	 	 
	(b)	if to the Parent, addressed to it at:
	 	 
	 	Pineapple Energy
	 	315 Lake Street East
	 	Wayzata, Minnesota 55391
	 	Attn.: Chief Executive Officer
	 	Telephone: [redacted]
	 	Email: [redacted]
	 	 
	with a copy (which will not constitute notice) to:
	 
	 	Faegre Drinker Biddle & Reath LLP
	 	2200 Wells Fargo Center
	 	90 S. 7th Street	 
	 	Minneapolis, MN 55402-3901
	 	Attn.:	Steven Kennedy
	 	 	Jonathan Zimmerman
	 	 	Jonathan Nygren
	 	Telephone:	(612) 766-7000
	 	Facsimile:	(612) 766-1600
	 	Email:	Steven.Kennedy@FaegreDrinker.com
	 	 	Jon.Zimmerman@FaegreDrinker.com
	 	 	Jon.Nygren@FaegreDrinker.com

 

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	(c)	if to the Rights Agent, addressed to it at:	 
	 	 	 
	 	Equiniti Trust
Company 

dba EQ Shareowner
Services 

1110 Centre
Pointe Curve, Suite #101 

Mendota Heights,
MN 55120 

Attn: Account
Management Team

Telephone: [redacted] 

Email: [redacted] 

	 

 

or, in each case, to the most recent address,
specified by written notice, given to the sender pursuant to this Section.

 

All notices and other
communications hereunder shall be in writing and shall be deemed to have been duly delivered (i) three Business Days after being
sent by registered or certified mail, return receipt requested, postage prepaid, (ii) one Business Day after being sent for next
Business Day delivery, fees prepaid, via a reputable overnight courier service, (iii) if sent by email transmission prior to 6:00
p.m. recipient’s local time, upon transmission (provided, no “bounce back” or similar message of non-delivery
is received with respect thereto) or (iv) if sent by email transmission after 6:00 p.m. recipient’s local time and no “bounce
back” or similar message of non-delivery is received with respect thereto, the Business Day following the date of transmission;
provided, that, in each case, the notice or other communication is sent to the physical address or email address set forth next
to the name of such Party above (or to such other physical address or email address as such Party shall have specified in a written
notice given to the other Parties hereto).

 

Section
7.2.             Successors and Assigns. All
covenants and agreements in this Agreement by the Parent shall bind its successors and assigns, whether so expressed or not. The
Parent may not assign this Agreement without the prior written consent of the CVR Holders’ Representative. All covenants
and agreements in this Agreement by the CVR Holders’ Representative shall bind his successors, whether so expressed or not.
In the event the CVR Holders’ Representative resigns (without assigning its rights or obligations to a successor CVR Holders’
Representative), dies or is incapacitated, a successor CVR Holders’ Representative shall be elected by a majority in interest
of the Holders.

 

Section
7.3.             Benefits of Agreement. The
Parent and the Rights Agent hereby agree that the respective covenants and agreements set forth herein are intended to be for the
benefit of, and shall be enforceable by, the CVR Holders’ Representative (on behalf of itself and the Holders) and the Holders,
acting by the written consent of Holders of not less than a majority of the then-outstanding CVRs, all of whom are intended third-party
beneficiaries hereof. Nothing in this Agreement, express or implied, will give to any Person (other than the Rights Agent, the
Parent, the Parent’s successors and permitted assignees, and the Holders and their respective successors and permitted assignees)
any benefit or any legal or equitable right, remedy or claim under this Agreement or under any covenant or provision herein contained,
all such covenants and provisions being for the sole benefit of the Rights Agent, the Parent, the Parent’s successors and
permitted assignees, and the Holders and their respective successors and permitted assignees. The rights of Holders are limited
to those expressly provided in this Agreement and the Merger Agreement.

 

Section
7.4.             Legal Proceedings; Governing Law. This
Agreement and the CVRs shall be governed by and construed in accordance with the internal laws of the State of Minnesota in connection
with any legal proceedings arising hereunder without giving effect to any choice or conflict of law provision or rule (whether
of the State of Minnesota or any other jurisdiction) that would cause the application of laws of any jurisdictions other than those
of the State of Minnesota. Each of the parties to this Agreement (i) consents to submit itself to the exclusive personal jurisdiction
of the state and federal courts located in Minneapolis, Minnesota (the “Chosen Court”) in any action or proceeding
arising out of or relating to this Agreement or the CVRs, (ii) agrees that all claims in respect of such action or proceeding shall
be heard

 

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and determined in any such Chosen Court, (iii) agrees that it shall not attempt to deny or defeat such personal jurisdiction
by motion or other request for leave from any such Chosen Court, and (iv) agrees not to bring any action or proceeding arising
out of or relating to this Agreement or any of the transaction contemplated by this Agreement in any other court. Each of the parties
hereto waives any defense of inconvenient forum to the maintenance of any action or proceeding so brought and waives any bond,
surety or other security that might be required of any other party with respect thereto. Any party may make service on another
party by sending or delivering a copy of the process to the party to be served at the address and in the manner provided for the
giving of notices in Section 7.1. Nothing in this Section 7.4, however, shall affect the right of any party
to serve legal process in any other manner permitted by law.

 

Section
7.5.           Legal Holidays. In the
event that a CVR Payment Date shall not be a Business Day, then, notwithstanding any provision of this Agreement to the contrary,
any payment required to be made in respect of the CVRs on such date need not be made on such date, but may be made on the next
succeeding Business Day with the same force and effect as if made on the CVR Payment Date.

 

Section
7.6.           Severability Clause. In
case any one or more of the provisions contained in this Agreement shall for any reason be held to be invalid, illegal or unenforceable
in any respect, such invalidity, illegality or unenforceability shall not affect any other provisions of this Agreement, but this
Agreement shall be construed as if such invalid or illegal or unenforceable provision had never been contained herein. Upon such
determination that any term or other provision is invalid, illegal or unenforceable, the arbitration forum or other tribunal making
such determination is authorized and instructed to modify this Agreement so as to effect the original intent of the parties as
closely as possible so that the transactions and agreements contemplated herein are consummated as originally contemplated to the
fullest extent possible.

 

Section
7.7.           Entire Agreement. This
Agreement represents the entire understanding of the parties hereto with reference to the CVRs and the subject matter of this Agreement
and supersedes any and all other prior or contemporaneous oral or written agreements made with respect to the CVRs or this Agreement,
except for the Merger Agreement. If and to the extent that any provision of this Agreement is inconsistent with or conflicts with
the Merger Agreement, this Agreement shall govern and be controlling.

 

Section
7.8.           Interpretation. The language
used in this Agreement is the language chosen by the parties to express their mutual intent, and no provision of this Agreement
shall be interpreted for or against a party because that party or its attorney drafted the provision.

 

Section
7.9.           Force Majeure. Notwithstanding
anything to the contrary contained herein, none of the Rights Agent, the Parent or any of its Subsidiaries will be liable for any
delays or failures in performance resulting from acts beyond its reasonable control including acts of God, pandemics (including COVID-19), terrorist
acts, shortage of supply, breakdowns or malfunctions, interruptions or malfunctions of computer facilities, or loss of data due
to power failures or mechanical difficulties with information storage or retrieval systems, labor difficulties, war or civil unrest.

 

Section
7.10.       WAIVER OF JURY TRIAL. EACH OF THE PARTIES
HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATED TO THIS AGREEMENT
OR THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (I) NO REPRESENTATIVE, AGENT OR ATTORNEY
OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO
ENFORCE THE FOREGOING WAIVER, (II) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATION OF THIS WAIVER, (III) EACH
PARTY MAKES THIS WAIVER VOLUNTARILY, AND (IV) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS

 

     16

     

    

 

AGREEMENT BY, AMONG OTHER THINGS,
THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 7.10.

 

[Signature Page Follows]

 

     17

     

    

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

 

	 	Communications Systems, Inc.
	 	 	 
	 	By:	/s/ Mark D. Fandrich
	 	Name:	Mark D. Fandrich
	 	Title:	Chief Financial Officer
	 	 	 
	 	Equinity Trust Company
	 	 	 
	 	By:	/s/ Martin J. Knapp
	 	Name:	Martin J. Knapp
	 	Title:	SVP, Relationship Director
	 	 	 
	 	CVR Holders’ Representative
	 	 	 
	 	 	/s/ Richard A. Primuth
	 	Name:	Richard A. Primuth
	 	 	 

     

     

    

Schedule 1

 

See attached Transfer Agent Services
Fee Schedule and Annual Estimate

 

Schedule 2

 

Mark D.
Fandrich

 

Scott Fluegge

 

Kristin
A. HlavkaEXHIBIT 10.6

 

NEITHER THIS SECURITY NOR THE SECURITIES
INTO 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 WITH A REGISTERED BROKER-DEALER OR OTHER LOAN WITH A FINANCIAL INSTITUTION
THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(a) UNDER THE SECURITIES ACT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

PINEAPPLE HOLDINGS, INC.

 

WARRANT TO PURCHASE COMMON STOCK

 

Warrant No.: W-__

Number of Shares of Common Stock: __________

Date of Issuance: March 28, 2022 (“Issuance Date”)

Expiration Date: March 28, 2027 (“Expiration Date”)

 

Pineapple Holdings,
Inc. (formerly known as Communications Systems, Inc.), a Minnesota 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, at any time or times on or
after the Issuance Date, but not after 11:59 p.m., New York time, on the Expiration Date, the Warrant Shares (as defined below).
Except as otherwise defined herein, capitalized terms in this Warrant to Purchase Common Stock (including any Warrants to Purchase
Common Stock issued in exchange, transfer or replacement hereof, this “Warrant”), shall have the meanings set
forth in Section 12. This Warrant is one of the Warrants to Purchase Common Stock (the “Warrants”) issued in
connection with the transactions contemplated by that certain Amended and Restated Securities Purchase Agreement, dated as of September
15, 2021 (the “Subscription Date”) by and among the Company, the Holder and the other purchasers set forth on
the schedule of purchasers thereto (the “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 at any time or times on or after the Issuance Date, in
whole or in part, by delivery (whether via facsimile, electronic mail 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 the delivery of the Exercise Notice, the Holder shall make 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
is being exercised (the “Aggregate Exercise Price”) in cash by wire transfer of immediately available funds
or, if the provisions of Section 1(c) are applicable, by notifying the Company that this Warrant is being exercised pursuant to
a Cashless Exercise (as defined in Section 1(c)). The Holder shall not be required to deliver the original Warrant in order to
effect an exercise hereunder (until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has
been exercised in full), nor shall any ink-original signature or medallion guarantee (or other type of guarantee or notarization)
with respect to any Exercise Notice be required. Execution and delivery of the Exercise Notice with respect to less than all of
the Warrant Shares shall have the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing
the right to purchase the remaining number of Warrant Shares and 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 on which the final Exercise Notice is delivered to the Company. 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 On or before the first (1st) Trading Day following the date on which the Holder has delivered the applicable Exercise
Notice, the Company shall transmit by facsimile or electronic mail an acknowledgment of confirmation of receipt of the Exercise
Notice, in the form attached to the Exercise Notice, to the Holder and the Company’s transfer agent (the “Transfer
Agent”). So long as the Holder delivers the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable)
on or prior to the first (1st) Trading Day following the date on which the Exercise Notice has been delivered to the Company, then
on or prior to the earlier of (i) the second (2nd) Trading Day and (ii) the number of Trading Days comprising the Standard Settlement
Period, in each case following the date on which the Exercise Notice has been delivered to the Company, or, if the Holder does
not deliver the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) on or prior to the first (1st) Trading
Day following the date on which the Exercise Notice has been delivered to the Company, then on or prior to the first (1st) Trading
Day following the date on which the Aggregate Exercise Price (or notice of a Cashless Exercise, if applicable) is delivered (such
earlier date, or if later, the earliest day on which the Company is required to deliver Warrant Shares pursuant to this Section
1(a), the “Share Delivery Date”), the Company shall (X) provided that the Transfer Agent is participating in
The Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program (“FAST”),
credit such aggregate number of Warrant Shares 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 the Transfer Agent
is not participating in the FAST, issue and dispatch by overnight

 

    2 

     

    

 

courier to the address as specified in the Exercise Notice a
certificate, registered 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. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to an Exercise
Notice by the Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for
each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Exercise
Notice), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to
accrue) for each Trading Day after such Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.
The Company shall be responsible for all fees and expenses of the Transfer Agent and all fees and expenses with respect to the
issuance of Warrant Shares via DTC, if any, including without limitation for same day processing. Upon delivery of the Exercise
Notice, the Holder shall be deemed for all corporate purposes to have become the holder of record and beneficial owner 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 physically delivered to the Company 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 the Company shall as soon as practicable and in no event later than three (3) Trading 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 5(d)) representing
the right to purchase the number of Warrant Shares issuable 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 down to the nearest whole
number. The Company shall pay any and all transfer, stamp, issuance and similar taxes, costs and expenses (including, without limitation,
fees and expenses of the Transfer Agent) which may be payable with respect to the issuance and delivery of Warrant Shares upon
exercise of this Warrant. The Company’s obligations to issue and deliver Warrant Shares in accordance with the terms and
subject to the conditions hereof are absolute and unconditional, irrespective of any action or inaction by the Holder to enforce
the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against any Person or any action
to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination; provided, however, that the Company shall
not be required to deliver Warrant Shares with respect to an exercise prior to the Holder’s delivery of the Aggregate Exercise
Price (or notice of a Cashless Exercise, if applicable) with respect to such exercise. While this Warrant is outstanding, the Company
agrees to use a transfer agent that is participating in the DTC FAST system.

 

(b)          Company’s Failure to Timely Deliver Securities. 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 1(a) above pursuant to an exercise on or before the Share Delivery Date (other than a failure caused by incorrect or incomplete
information provided by the Holder to the Company), 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

 

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(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
within three (3) Trading Days after the occurrence of a Buy-In, 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.

 

(c)           Cashless Exercise. Notwithstanding anything contained herein to the contrary, if the exercise of this Warrant occurs
after the Effectiveness Deadline (as defined in that certain Registration Rights Agreement, dated as of the date of the Purchase
Agreement, among the Company and the purchasers named therein) and a registration statement covering the issuance or resale of
the shares of Common Stock that constitute Warrant Shares is not available for the issuance or resale, as applicable, of such Warrant
Shares, the Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment
otherwise contemplated to be made to the Company upon such exercise in payment of the Aggregate Exercise Price, elect instead to
receive upon such exercise the “Net Number” of shares of Common Stock determined according to the following formula
(a “Cashless Exercise”):

 

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

                    B

 

For purposes of the foregoing
formula:

 

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

 

		B=	as applicable: (i) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding
the date of the applicable Exercise Notice if such Exercise Notice is (1) both executed and delivered pursuant to Section 1(a)
hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 1(a) hereof on a Trading Day prior
to the opening of “regular trading hours” (as defined in Rule 600(b) 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 

 

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	 	 	immediately preceding
the date of the applicable Exercise Notice or (z) the Bid Price of the Common Stock as of the time of the Holder’s execution
of the applicable Exercise Notice if such Exercise Notice is executed during “regular trading hours” on a Trading Day
and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours”
on a Trading Day) pursuant to Section 1(a) hereof or (iii) the Closing Sale Price of the Common Stock on the date of the applicable
Exercise Notice if the date of such Exercise Notice is a Trading Day and such Exercise Notice is both executed and delivered pursuant
to Section 1(a) hereof after the close of “regular trading hours” on such Trading Day.

 

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

 

If Warrant Shares are
issued in such a cashless exercise, the Company acknowledges and agrees that in accordance with Section 3(a)(9) of the Securities
Act of 1933, as amended (the “Securities Act”), the Warrant Shares shall take on the registered 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 1(c).

 

(d)          Beneficial Ownership. Notwithstanding anything to the contrary contained herein, the Company shall not effect the
exercise of any portion of this Warrant, and the Holder shall not have the right to exercise any portion of this Warrant, pursuant
to the terms and conditions of this Warrant and any such exercise shall be null and void and treated as if never made, to the extent
that immediately prior to or after giving effect to such exercise, the Holder together with the other Attribution Parties collectively
would beneficially own in excess of 4.99% (or, upon election by the Holder prior to the issuance of this Warrant, 9.99%) (the “Maximum
Percentage”) of the number of shares of Common Stock outstanding immediately after giving effect to such exercise. For
purposes of the foregoing sentence, the aggregate number of shares of Common Stock beneficially owned by the Holder and the other
Attribution Parties shall include the number of shares of Common Stock held by the Holder and all other Attribution Parties plus
the number of shares of Common Stock issuable upon exercise of this Warrant with respect to which the determination of such sentence
is being made, but shall exclude the number of shares of Common Stock which would be issuable upon (A) exercise of the remaining,
unexercised portion of this Warrant beneficially owned by the Holder or any of the other Attribution Parties and (B) exercise or
conversion of the unexercised or unconverted portion of any other securities of the Company (including, without limitation, any
convertible notes or convertible preferred stock or warrants, including the other Warrants) beneficially owned by the Holder or
any other Attribution Party subject to a limitation on conversion or exercise analogous to the limitation contained in this Section
1(d). For purposes of this Section 1(d), beneficial ownership shall be calculated in accordance with Section 13(d) of the
Securities Exchange Act of 1934, as amended (the “Exchange Act”), 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 1(d) applies, the determination of whether this Warrant is exercisable (in relation to other securities
owned by the Holder together with any

 

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Affiliates and Attribution Parties) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, 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 Warrant, in determining the number
of outstanding shares of Common Stock the Holder may acquire upon the exercise of this Warrant without exceeding the Maximum Percentage,
the Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Annual
Report on Form 10-K, Quarterly Report on Form 10-Q and Current Reports on Form 8-K or other public filing with the Securities and
Exchange Commission (the “SEC”), as the case may be, (y) a more recent public announcement by the Company or
(z) any other written notice by the Company or the Transfer Agent setting forth the number of shares of Common Stock outstanding
(the “Reported Outstanding Share Number”). If the Company receives an Exercise Notice from the Holder at a time
when the actual number of outstanding shares of Common Stock is less than the Reported Outstanding Share Number, the Company shall
(i) notify the Holder in writing of the number of shares of Common Stock then outstanding and, to the extent that such Exercise
Notice would otherwise cause the Holder’s beneficial ownership, as determined pursuant to this Section 1(d), to exceed the
Maximum Percentage, the Holder must notify the Company of a reduced number of Warrant Shares to be purchased pursuant to such Exercise
Notice (the number of shares by which such purchase is reduced, the “Reduction Shares”) and (ii) as soon as
reasonably practicable, the Company shall return to the Holder any exercise price paid by the Holder for the Reduction Shares.
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 or by electronic mail 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 and any other Attribution Party since the date as of which the Reported Outstanding
Share Number was reported. In the event that the issuance of Common Stock to the Holder upon exercise of this Warrant results in
the Holder and the other Attribution Parties being deemed to beneficially own, in the aggregate, more than the Maximum Percentage
of the number of outstanding shares of Common Stock (as determined under Section 13(d) of the Exchange Act), the number of shares
so issued by which the Holder’s and the other Attribution Parties’ aggregate beneficial ownership exceeds the Maximum
Percentage (the “Excess Shares”) shall be deemed null and void and shall be cancelled ab initio, and the Holder
shall not have the power to vote or to transfer the Excess Shares. As soon as reasonably practicable after the issuance of the
Excess Shares has been deemed null and void, the Company shall return to the Holder the exercise price paid by the Holder for the
Excess Shares. Upon delivery of a written notice to the Company, the Holder may from time to time increase or decrease the Maximum
Percentage to any other percentage as specified in such notice not in excess of 9.99%; provided that (i) any such increase in the
Maximum Percentage will not be effective until the sixty-first (61st) day after such notice is delivered to the Company and (ii)
any such increase or decrease will apply only to the Holder and the other Attribution Parties and not to any other holder of Warrants
that is not an Attribution Party of the Holder. For purposes of clarity, the shares of Common Stock issuable pursuant to the terms
of this Warrant in excess of the Maximum Percentage shall not be deemed to be beneficially owned by the Holder for any purpose
including for purposes of Section 13(d) or Rule 16a-1(a)(1) of the Exchange Act. No prior inability to exercise this Warrant pursuant
to this paragraph shall have any effect on the applicability of the

 

    6 

     

    

 

provisions of this paragraph with respect to any subsequent
determination of exercisability. The provisions of this paragraph shall be construed and implemented in a manner otherwise than
in strict conformity with the terms of this Section 1(d) to the extent necessary to correct this paragraph or any portion of this
paragraph which may be defective or inconsistent with the intended beneficial ownership limitation contained in this Section 1(d)
or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitation contained in
this paragraph may not be waived and shall apply to a successor holder of this Warrant. Notwithstanding anything in this Warrant
to the contrary, upon the election of the Holder made prior to the issuance of this Warrant, the Maximum Percentage limitation
and this Section 1(d) shall not apply to any exercise of this Warrant in connection with a Fundamental Transaction.

 

(e)          Required Reserve Amount. So long as this Warrant remains outstanding, the Company shall at all times keep reserved
for issuance under this Warrant a number of shares of Common Stock at least equal to 200% of the maximum number of shares of Common
Stock as shall be necessary to satisfy the Company’s obligation to issue shares of Common Stock under the Warrants then outstanding
(without regard to any limitations on exercise) (the “Required Reserve Amount”); provided that at no
time shall the number of shares of Common Stock reserved pursuant to this Section 1(e) be reduced other than in connection with
any exercise of Warrants or such other event covered by Section 2 below. The Required Reserve Amount (including, without limitation,
each increase in the number of shares so reserved) shall be allocated pro rata among the holders of the Warrants based on the number
of shares of Common Stock issuable upon exercise of Warrants held by each holder thereof on the Issuance Date (without regard to
any limitations on exercise) (the “Authorized Share Allocation”). In the event that a holder shall sell or otherwise
transfer any of such holder’s Warrants, each transferee shall be allocated a pro rata portion of such holder’s Authorized
Share Allocation. Any shares of Common Stock reserved and allocated to any Person which ceases to hold any Warrants shall be allocated
to the remaining holders of Warrants, pro rata based on the number of shares of Common Stock issuable upon exercise of the Warrants
then held by such holders thereof (without regard to any limitations on exercise).

 

(f)           Call Provision. Subject to the provisions of this Section 1(f), if, after the Effective Date, (i) the VWAP for each
of 10 consecutive Trading Days (the “Measurement Period,” which 10 consecutive Trading Day period shall not
have commenced until after the Effective Date) exceeds 300% of the then current Exercise Price (subject to adjustment for forward
and reverse stock splits, recapitalizations, stock dividends and the like after the Issuance Date), (ii) the average daily dollar
volume for such Measurement Period exceeds $5,000,000 per Trading Day and (iii) the Holder is not in possession of any information
that constitutes, or might constitute, material, non-public information which was provided by the Company, any of its Subsidiaries,
or any of their officers, directors, employees, agents or Affiliates, then the Company may, within 1 Trading Day of the end of
such Measurement Period, call for cancellation of all or any portion of this Warrant for which an Exercise Notice has not yet been
delivered (such right, a “Call”) for consideration equal to $0.001 per Warrant Share; provided, however, that
notwithstanding anything herein to the contrary, the Company may not exercise its rights under this Section 1(f) to the extent
the exercise of the Warrant would cause the Holder to be in violation of the Maximum Percentage (any portion of this Warrant that
remains unexercised as a result of this sentence, the “Unexercised Portion”). To exercise this right, the Company
must deliver to the Holder an irrevocable written notice (a “Call Notice”), indicating therein the portion of
unexercised portion of this Warrant to which such notice applies. If the conditions set forth below for such Call are

 

    7 

     

    

 

satisfied
from the period from the date of the Call Notice through and including the Call Date (as defined below), then any portion of this
Warrant subject to such Call Notice for which an Exercise Notice shall not have been received by the Call Date will be cancelled
at 6:30 p.m. (New York City time) on the tenth Trading Day after the date the Call Notice is received by the Holder (such date
and time, the “Call Date”). Any unexercised portion of this Warrant to which the Call Notice does not pertain
will be unaffected by such Call Notice. In furtherance thereof, the Company covenants and agrees that it will honor all Exercise
Notices with respect to Warrant Shares subject to a Call Notice that are tendered through 6:30 p.m. (New York City time) on the
Call Date. The parties agree that any Exercise Notice delivered following a Call Notice which calls less than all of the Warrants
shall first reduce to zero the number of Warrant Shares subject to such Call Notice prior to reducing the remaining Warrant Shares
available for purchase under this Warrant. For example, if (A) this Warrant then permits the Holder to acquire 100 Warrant Shares,
(B) a Call Notice pertains to 75 Warrant Shares, and (C) prior to 6:30 p.m. (New York City time) on the Call Date the Holder tenders
an Exercise Notice in respect of 50 Warrant Shares, then (x) on the Call Date the right under this Warrant to acquire 25 Warrant
Shares will be automatically cancelled, (y) the Company, in the time and manner required under this Warrant, will have issued and
delivered to the Holder 50 Warrant Shares in respect of the exercises following receipt of the Call Notice, and (z) the Holder
may, until the Termination Date, exercise this Warrant for 25 Warrant Shares (subject to adjustment as herein provided and subject
to subsequent Call Notices). Subject again to the provisions of this Section 1(f), the Company may deliver subsequent Call Notices
for any portion of this Warrant for which the Holder shall not have delivered an Exercise Notice. Notwithstanding anything to the
contrary set forth in this Warrant, the Company may not deliver a Call Notice or require the cancellation of this Warrant (and
any such Call Notice shall be void), unless, from the beginning of the Measurement Period through the Call Date, (1) the Equity
Conditions (as defined in the Certificate of Designation) shall be then met, (2) the Company shall have honored in accordance with
the terms of this Warrant all Exercise Notices delivered by 6:30 p.m. (New York City time) on the Call Date, (3) there is a sufficient
number of authorized shares of Common Stock for issuance of all Warrant Shares and (4) the issuance of all Warrant Shares subject
to a Call Notice shall not cause a breach of any provision of Section 1(d) herein. The Company’s right to call the Warrants
under this Section 1(f) shall be exercised ratably among the Holders based on each Holder’s initial holding of Warrants.
To the extent the Company is not permitted to exercise its rights under this Section 1(f) as a result of the Holder not being able
to exercise this Warrant without exceeding the Maximum Percentage, then the Company may elect, upon delivery of written notice
to the Holder (a “Repurchase Notice”), to repurchase all or a portion of such Unexercised Portion from the Holder
at a price per Warrant Share equal to the difference between the greater of (i) the Closing Sale Price on the last day of the Measurement
Period and (ii) the then current Closing Sale Price of Common Stock as of the Trading Day immediately prior to the date of such
Repurchase Notice, less the then current Exercise Price per Warrant Share (the “Repurchase Price Per Warrant Share”).
The Repurchase Notice shall set forth the date on which the closing of such repurchase shall occur (which date shall be no sooner
than three (3) Trading Days from the date of the Repurchase Notice) (the “Repurchase Date”). The Repurchase
Price Per Warrant Share shall be paid in cash by wire transfer of immediately available funds at the closing of such repurchase.
The Holder agrees to execute and deliver all documents reasonably requested by the Company in order to effect and evidence such
repurchase and to deliver any original Warrant covering such Unexercised Portion of the Warrant Shares to the Corporation. On the
Repurchase Date, the Unexercised Portion subject to such repurchase shall

 

    8 

     

    

 

automatically be converted into the right to receive
the Repurchase Price Per Warrant Share without interest and without any further act or action of the Holder and whether or not
an original Warrant with respect to such Warrant Shares is surrendered or instruments of transfer are delivered to the Company;
provided, that the Company shall not be obligated to pay the Repurchase Price Per Warrant Share for such Unexercised Portion unless
and until all original Warrants for such Warrant Shares have been surrendered to the Company and all reasonably requested instruments
of transfer have been executed by the Holder and delivered to the Company. From and after the Repurchase Date, unless there shall
have been any default in the payment of the Repurchase Price Per Warrant Share, all rights of the Holder in the Unexercised Portion
of Warrant Shares subject to repurchase (other than the right to receive the Repurchase Price Per Warrant Share in accordance with
this Section 2(f)) shall cease and be of no further force and effect on such Repurchase Date, and such Warrant subject to a repurchase
shall not thereafter be transferred on the books of the Company or be deemed to be outstanding for any purpose whatsoever.

 

(g)          Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares
pursuant to Section 1(a) by the Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

2.           CERTAIN ADJUSTMENTS.

 

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

 

(b)          Voluntary Adjustment by Company. The Company may, with the approval of the Holder, at any time during the term of
this Warrant reduce the then current Exercise Price to any amount and for any period of time deemed appropriate by the Board of
Directors of the Company.

 

(c)          Rights Upon Distribution of Assets. In addition to any adjustments pursuant to the other subsections of this Section
2, if, on or after the Subscription Date and on or prior to the Expiration Date, 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, options, evidence
of indebtedness or any other assets by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement
or other similar transaction), other than for the transactions contemplated by the Merger Agreement (a “Distribution”),
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

 

    9 

     

    

 

held the number of shares of Common Stock acquirable upon complete exercise of this
Warrant (without regard to any limitations or restrictions on exercise of this Warrant, 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 S of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, that to the extent that the Holder’s right to participate in any such Distribution would result in the Holder and
the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall not be entitled to participate in such Distribution
to such extent (and shall not be entitled to beneficial ownership of such shares of Common Stock as a result of such Distribution
(and beneficial ownership) to such extent) and the portion of such Distribution shall be held in abeyance for the benefit of the
Holder until such time or times as its right thereto would not result in the Holder and the other Attribution Parties exceeding
the Maximum Percentage, at which time or times the Holder shall be granted such Distribution (and any Distributions declared or
made on such initial Distribution or on any subsequent Distribution held similarly in abeyance) to the same extent as if there
had been no such limitation).

 

(d)          Purchase Rights. In addition to any adjustments pursuant to the other subsections of this Section 2, if at any time
on or after the Subscription Date and on or prior to the Expiration Date, the Company 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 Common
Stock, other than for the transactions contemplated by the Merger Agreement (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 or restrictions on exercise of this Warrant, 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 Common Stock are to be determined for the grant, issuance
or sale of such Purchase Rights (provided, however, that to the extent that the Holder’s right to participate in any such
Purchase Right would result in the Holder and the other Attribution Parties exceeding the Maximum Percentage, then the Holder shall
not be entitled to participate in such Purchase Right to such extent (and shall not be entitled to beneficial ownership of such
Common Stock as a result of such Purchase Right (and beneficial ownership) to such extent) and such Purchase Right to such extent
shall be held in abeyance for the benefit of the Holder until such time or times as its right thereto would not result in the Holder
and the other Attribution Parties exceeding the Maximum Percentage, at which time or times the Holder shall be granted such right
(and any Purchase Right granted, issued or sold on such initial Purchase Right or on any subsequent Purchase Right to be held similarly
in abeyance) to the same extent as if there had been no such limitation).

 

(e)          Fundamental Transactions. Other than the transactions contemplated by the Merger Agreement, the Company shall not
enter into or be party to a Fundamental Transaction unless the Successor Entity assumes in writing, pursuant to written agreements
in form and substance satisfactory to the holders, as of any date, of at least a majority of the Warrant Shares underlying all
Warrants (the “Required Holders”) outstanding as of the date of such Fundamental Transaction, all of the obligations
of the Company under this Warrant and all other Transaction Documents in accordance with the provisions of this Section 2(e), including
agreements to deliver

 

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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, but which is exercisable for a corresponding number of shares of capital
stock equivalent to the shares of Common Stock issuable 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 (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). Upon the consummation of each Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for the Company (so that from and after the date of such Fundamental Transaction, each and every provision of this Warrant referring
to the “Company” shall instead refer to the Successor Entity), and the Successor Entity may exercise every prior right
and power of the Company and shall assume all prior obligations of the Company under this Warrant with the same effect as if the
Successor Entity had been named as the Company in this Warrant. On or prior to the consummation of each Fundamental Transaction,
the Successor Entity shall deliver to the Holder confirmation that there shall be issued upon exercise of this Warrant at any time
after the consummation of the Fundamental Transaction, in lieu of the shares of Common Stock (or other securities, cash, assets
or other property purchasable upon the exercise of this Warrant prior to such Fundamental Transaction), such shares of stock, securities,
cash, assets or any other property whatsoever (including warrants or other purchase or subscription rights), which for purposes
of clarification may continue to be shares of Common Stock, if any, that the Holder would have been entitled to receive upon the
happening of such Fundamental Transaction or the record, eligibility or other determination date for the event resulting in such
Fundamental Transaction, had this Warrant been exercised immediately prior to such Fundamental Transaction or the record, eligibility
or other determination date for the event resulting in such Fundamental Transaction (without regard to any limitations on the exercise
of this Warrant), as adjusted in accordance with the provisions of this Warrant. Notwithstanding the foregoing, and without limiting
the provisions of Section 1(g) hereof, the Holder may elect, at its sole discretion, by delivery of a written notice to the Company,
to permit a Fundamental Transaction without the required assumption of this Warrant. In addition to and not in substitution for
any other rights hereunder, prior to the consummation of any Fundamental Transaction pursuant to which holders of Common Stock
are entitled to receive securities, cash, assets or other property with respect to or in exchange for Common Stock (a “Corporate
Event”), the Company shall make appropriate provision to ensure that, and any applicable Successor Entity shall ensure
that, the Holder will thereafter have the right to receive upon exercise of this Warrant at any time after the consummation of
the Corporate Event, shares of Common Stock or capital stock of the Successor Entity or, if so elected by 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
2(c) and 2(d), which shall continue to be receivable thereafter) issuable upon exercise of this Warrant prior to such Corporate
Event, such shares of stock, securities, cash, assets or any other property whatsoever (including warrants or other purchase or
subscription rights) which the Holder would have been entitled to receive upon the consummation of such Corporate Event or the
record, eligibility or other determination date for the event resulting

 

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in such Corporate Event, had this Warrant been exercised
immediately prior to such Corporate Event or the record, eligibility or other determination date for the event resulting in such
Corporate Event (without regard to any limitations on exercise of this Warrant). Provision made pursuant to the preceding sentence
shall be in a form and substance reasonably satisfactory to the Holder. The provisions of this Section 2(e) shall apply similarly
and equally to successive Fundamental Transactions and Corporate Events.

 

Notwithstanding the foregoing,
in the event of a Change of Control, at the request of the Holder or at the election of the Company delivered before the sixtieth
(60th) day after the consummation of such Change of Control, the Company (or the Successor Entity) shall purchase this Warrant
from the Holder by paying to the Holder, within five (5) Business Days after such request (or, if later, on the effective date
of the Change of Control), cash in an amount equal to the Black Scholes Value of the remaining unexercised portion of this Warrant
on the date of such Change of Control; provided however, that if the Change of Control is not within the Company’s
control, including not approved by the Company’s Board of Directors, the Holder shall only be entitled to receive from the
Company or any Successor Entity the same type or form of consideration (and in the same proportion), at the Black Scholes Value
of the unexercised portion of this Warrant, that is being offered and paid to the holders of the Common Stock of the Company in
connection with the Change of Control, whether that consideration be in the form of cash, securities 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; provided, further, that if holders of Common Stock are not offered or paid any
consideration in such Change of Control, such holders of Common Stock will be deemed to have received common stock of the Successor
Entity (which entity may be the Company following such Change of Control) in such Change of Control.

 

(f)           Subsequent Equity Sales. If and whenever on or after the Subscription Date, the Company issues, sells, publicly announces
the contemplated issuance or sale of, or in accordance with this Section 2(f) is deemed to have issued or sold, any shares of Common
Stock (including the issuance, sale or public announcement of the issuance or sale, of shares of Common Stock owned or held by
or for the account of the Company, but excluding shares of Common Stock deemed to have been issued or sold by the Company in connection
with any Exempt Issuance) for a consideration per share (the “New Issuance Price”) less than a price (the “Applicable
Price”) equal to the Exercise Price in effect immediately prior to such issuance or sale or deemed issuance or sale (the
foregoing a “Dilutive Issuance”), then immediately after such Dilutive Issuance, the Exercise Price then in
effect shall be reduced to an amount equal to the lesser of (1) the New Issuance Price and (2) the lowest VWAP of the Common Shares
on any Trading Day during the 5 Trading Days immediately following the public announcement of the execution of the Dilutive Issuance
(the “Adjustment Period”) (for the avoidance of doubt, if such public announcement is released prior to the
opening of the Principal Market on a Trading Day, such Trading Day shall be the first Trading Day in such five (5) Trading Day
period and if this Warrant is exercised, on any given Exercise Date during any such Adjustment Period, solely with respect to such
portion of this Warrant exercised on such applicable Exercise Date, such applicable Adjustment Period shall be deemed to have ended
on, and included, the Trading Day immediately prior to such Exercise Date). Additionally, the number of Warrant Shares issuable
hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in
the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment. For purposes of determining the adjusted
Exercise Price under this Section 2(f), the following shall be applicable:

 

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(i)                
Issuance of Options. If the Company in any manner grants or sells, or the Company publicly announces the issuance
or sale of, any Options and the lowest price per share for which one share of Common Stock is issuable upon the exercise of any
such Options or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Options
is less than the Applicable Price, then such share of Common Stock shall be deemed to be outstanding and to have been issued and
sold by the Company at the time of the granting or sale of such Options for such price per share. For purposes of this Section
2(f)(i), the “lowest price per share for which one share of Common Stock is issuable upon the exercise of any such Options
or upon conversion, exercise or exchange of any Convertible Securities issuable upon exercise of any such Options” shall
be equal to the sum of the lowest amounts of consideration (if any) received or receivable by the Company with respect to any one
share of Common Stock upon the granting or sale of the Options, upon exercise of the Options and upon conversion, exercise or exchange
of any Convertible Security issuable upon exercise of such Options less any consideration paid or payable by the Company with respect
to such one share of Common Stock upon the granting or sale of such Options, upon exercise of such Options and upon conversion,
exercise or exchange of any Convertible Security issuable upon exercise of such Options. No further adjustment of the Exercise
Price shall be made upon the actual issuance of such shares of Common Stock or of such Convertible Securities upon the exercise
of such Options or upon the actual issuance of such shares of Common Stock upon conversion, exercise or exchange of such Convertible
Securities.

 

(ii)              
Issuance of Convertible Securities. If the Company in any manner issues or sells, or the Company publicly announces
the issuance or sale of, any Convertible Securities and the lowest price per share for which one share of Common Stock is issuable
upon the conversion, exercise or exchange thereof is less than the Applicable Price, then such share of Common Stock shall be deemed
to be outstanding and to have been issued and sold by the Company at the time of the issuance or sale of such Convertible Securities
for such price per share. For the purposes of this Section 2(f)(ii), the “lowest price per share for which one share of Common
Stock is issuable upon the conversion, exercise or exchange thereof’ shall be equal to the sum of the lowest amounts of consideration
(if any) received or receivable by the Company with respect to any one share of Common Stock upon the issuance or sale of the Convertible
Security and upon conversion, exercise or exchange of such Convertible Security less any consideration paid or payable by the Company
with respect to such one share of Common Stock upon the issuance or sale of such Convertible Security and upon conversion, exercise
or exchange of such Convertible Security. No further adjustment of the Exercise Price shall be made upon the actual issuance of
such shares of Common Stock upon conversion, exercise or exchange of such Convertible Securities, and if any such issuance or sale
of such Convertible Securities is made upon exercise of any Options for which adjustment of the Exercise Price has been or is to
be made pursuant to other provisions of this Section 2(f), no further adjustment of the Exercise Price shall be made by reason
of such issuance or sale.

 

(iii)            
Change in Option Price or Rate of Conversion. If the purchase price provided for in any Options, the additional consideration,
if any, payable upon the issue, conversion, exercise or exchange of any Convertible Securities, or the rate at which any Convertible
Securities are convertible into or exercisable or exchangeable for shares of

 

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Common Stock increases or decreases at any time, the
Exercise Price in effect at the time of such increase or decrease shall be adjusted to the Exercise Price which would have been
in effect at such time had such Options or Convertible Securities provided for such increased or decreased purchase price, additional
consideration or increased or decreased conversion rate, as the case may be, at the time initially granted, issued or sold. For
purposes of this Section 2(f)(iii), if the terms of any Option or Convertible Security that was outstanding as of the Subscription
Date are increased or decreased in the manner described in the immediately preceding sentence, then such Option or Convertible
Security and the shares of Common Stock deemed issuable upon exercise, conversion or exchange thereof shall be deemed to have been
issued as of the date of such increase or decrease. No adjustment pursuant to this Section 2(f) shall be made if such adjustment
would result in an increase of the Exercise Price then in effect.

 

(iv)            
Calculation of Consideration Received. If any shares of Common Stock, Options or Convertible Securities are issued
or sold or deemed to have been issued or sold for cash, the consideration received therefor will be deemed to be the net amount
received by the Company therefor. If any shares of Common Stock, Options or Convertible Securities are issued or sold for a consideration
other than cash, the amount of such consideration received by the Company will be the fair value of such consideration, except
where such consideration consists of publicly traded securities, in which case the amount of consideration received by the Company
will be the Closing Sale Price of such publicly traded securities on the date of receipt of such publicly traded securities. If
any shares of Common Stock, Options or Convertible Securities are issued to the owners of the non-surviving entity in connection
with any merger in which the Company is the surviving entity, the amount of consideration therefor will be deemed to be the fair
value of such portion of the net assets and business of the non-surviving entity as is attributable to such shares of Common Stock,
Options or Convertible Securities, as the case may be. The fair value of any consideration other than cash or publicly traded securities
will be determined jointly by the Company and the Required Holders. If such parties are unable to reach agreement within ten (10)
days after the occurrence of an event requiring valuation (the “Valuation Event”), the fair value of such consideration
will be determined within five (5) Business Days after the tenth (10th) day following the Valuation Event by an independent, reputable
appraiser jointly selected by the Company and the Required Holders. The determination of such appraiser shall be final and binding
upon all parties absent manifest error and the fees and expenses of such appraiser shall be borne by the Company.

 

(v)              
Record Date. In case the Company shall take a record of the holders of its Common Stock for the purpose of entitling
them (i) to receive a dividend or other distribution payable in Common Stock, Options or Convertible Securities or (ii) to subscribe
for or purchase Common Stock, Options or Convertible Securities, then such record date shall be deemed to be the date of the issue
or sale of the shares of Common Stock deemed to have been issued or sold upon the declaration of such dividend or the making of
such other distribution or the date of the granting of such right of subscription or purchase, as the case may be.

 

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(vi)            
Treasury Shares. 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 or any of its wholly-owned subsidiaries, and the disposition of any such shares (other
than the cancellation or retirement thereof) shall be considered an issue or sale of Common Stock for the purpose of this paragraph
(f).

 

(g)           Certain Exempt Issuances. For the avoidance of doubt, notwithstanding anything herein to the contrary, no adjustment
will be made under this Section 2 with respect to or as a result of any of the transactions contemplated by the Merger Agreement.

 

3.           NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its certificate
of incorporation or by-laws, or through any reorganization, transfer of assets, consolidation, merger, scheme, arrangement, dissolution,
issuance 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 of 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 applicable 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 nonassessable shares of Common Stock upon the exercise of this Warrant, and (iii) shall, so long
as any of the 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 Warrants, the number of shares of Common Stock
as shall from time to time be necessary to effect the exercise of the Warrants then outstanding (without regard to any limitations
on exercise).

 

4.           WARRANT HOLDER NOT DEEMED A SHAREHOLDER. Except as otherwise specifically provided herein, the Holder, solely in
such Person’s capacity as a holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder
of capital stock of the Company for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a shareholder 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 such Person is then entitled to receive upon the due
exercise of this Warrant. In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the
Holder to purchase any securities (upon exercise of this Warrant or otherwise) or as a shareholder of the Company, whether such
liabilities are asserted by the Company or by creditors of the Company.

 

5.           REISSUANCE OF WARRANTS.

 

(a)          Transfer of Warrant. If this Warrant is to be transferred, the Holder shall surrender this Warrant to the Company
together with a written assignment of this Warrant duly executed by the Holder and in form and substance reasonably acceptable
to the Company, whereupon the Company will forthwith issue and deliver upon the order of the Holder a new

 

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Warrant (in accordance
with Section 5(d)), 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 5(d)) to the Holder representing the right to purchase the number of Warrant Shares not
being transferred.

 

(b)          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, and, in the case of loss, theft or destruction, of any indemnification
undertaking by the Holder to the Company in customary form (but without the obligation to post a bond) 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 5(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

 

(c)          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 5(d)) 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.

 

(d)          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 5(a) or Section 5(c), 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.

 

6.           NOTICES. Whenever notice is required to be given under this Warrant, including, without limitation, an Exercise Notice,
unless otherwise provided herein, such notice shall be given in writing, (i) if delivered (a) from within the domestic United States,
by first-class registered or certified airmail, or nationally recognized overnight express courier, postage prepaid, electronic
mail or by facsimile or (b) from outside the United States, by International Federal Express, electronic mail or facsimile, and
(ii) will be deemed given (A) if delivered by first-class registered or certified mail domestic, three (3) Business Days after
so mailed, (B) if delivered by nationally recognized overnight carrier, one (1) Business Day after so mailed, (C) if delivered
by International Federal Express, two (2) Business Days after so mailed and (D) at the time of transmission, if delivered by electronic
mail to the email address specified in this Section 6 prior to 5:00 p.m. (New York time) on a Trading Day, (E) the next Trading
Day after the date of transmission, if delivered by electronic mail to the email address specified in this Section 6 on a day that
is not a Trading Day or later than 5:00 p.m. (New York time) on any Trading Day and (F) if delivered by facsimile, upon electronic
confirmation of delivery of such facsimile, and will be delivered and addressed as follows:

 

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		(i)	If to the Company, to:

 

Pineapple Holdings, Inc.

Attention: Mark Fandrich

10900 Red Circle Drive

Minnetonka, Minnesota 55343

Email: [redacted]

 

		(ii)	If to the Holder, at such address or other contact information delivered by the Holder to Company
or as is on the books and records of the Company.

 

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)
immediately upon any adjustment of the Exercise Price, setting forth in reasonable detail, and certifying, the calculation of such
adjustment and (ii) at least five (5) 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 or other property pro rata to the record holders of any
class of Common Stock or (C) for determining rights to vote with respect to any Fundamental Transaction, dissolution or liquidation;
provided in each case that, to the extent such notice constitutes or contains material, non-public information regarding the Company,
such information shall be made known to the public prior to or in conjunction with such notice being provided to the Holder; provided,
further, 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.

 

7.           AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this Warrant may be amended or waived
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.

 

8.           GOVERNING LAW; JURY TRIAL. 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. Each party 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 (including with respect to the enforcement of any of the Transaction Documents),
and hereby irrevocably waives, and agrees not to assert in any action, litigation, or proceeding, any claim that it is not personally
subject to the jurisdiction of any such court, that such action, litigation, or proceeding is improper or is an inconvenient venue
for such action, litigation or proceeding. If either party shall commence an action, suit or proceeding to enforce any provisions
of this Warrant, the prevailing party in such

 

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action, suit or proceeding shall be reimbursed by the other party for their reasonable
attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of such action
or proceeding. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, 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.

 

9.           REMEDIES, 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 any other Transaction Document, 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
actual damages for any failure by the Company to comply with the terms of this Warrant. 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 seek an injunction restraining any breach, without the necessity
of showing economic loss and without any bond or other security being required.

 

10.         TRANSFER. Subject to compliance with applicable federal and state securities laws, this Warrant and the Warrant Shares
may be offered for sale, sold, transferred, pledged or assigned without the consent of the Company. If, at the time of the surrender
of this Warrant in connection with any transfer of this Warrant, 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 Article IV of the Purchase Agreement.

 

11.         SEVERABILITY; CONSTRUCTION; HEADINGS. 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). 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.

 

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

 

(a)           “Affiliate” means any Person that, directly or indirectly through one or more intermediaries, controls
or is controlled by or is under common control with a Person, as such terms are used in and construed under Rule 405 under the
Securities Act.

 

(b)           “Attribution Parties” means, collectively, 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. For clarity, the purpose
of the foregoing is to subject collectively the Holder and all other Attribution Parties to the Maximum Percentage.

 

(c)           “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 S 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 any market makers for such security as reported
on the Pink Open Markets 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. All such determinations shall be appropriately adjusted
for any stock dividend, stock split, stock combination or other similar transaction during such period.

 

(d)          “Black
Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day immediately following the first public announcement of the applicable contemplated
Change of Control, or, if the Change of Control is not publicly announced, the date the Change of Control is consummated, for
pricing purposes and reflecting (i) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the
remaining term of this Warrant as of such date of request, (ii) an expected volatility equal to the greater of 100% and the 100
day volatility obtained from the HVT function on Bloomberg as of the day immediately following the public announcement of the
applicable contemplated Change of Control, or, if the Change of Control is not publicly announced, the date the Change of Control
is consummated, (iii) the underlying price per share used in such calculation shall be the greater of (A) the sum of the price
per share being offered in cash, if any, plus the per share value of any non-cash consideration, if any, being offered in such
Change of Control and (B) the greater of (x) the last VWAP immediately prior to the public announcement of such Change of Control
and (y) the last VWAP immediately prior to the consummation of such Change of Control, (iv) a zero cost of borrow and (v) a 360
day annualization factor.

 

(e)          “Bloomberg” means Bloomberg Financial Markets.

 

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(f)           “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.

 

(g)          “Change of Control” means any Fundamental Transaction other than (i) any reorganization, recapitalization
or reclassification of the Common Stock in which holders of the Company’s voting power immediately prior to such reorganization,
recapitalization or reclassification continue after such reorganization, recapitalization or reclassification to hold publicly
traded securities and, directly or indirectly, are, in all material respects, the holders of the voting power of the surviving
entity (or entities with the authority or voting power to elect the members of the board of directors (or their equivalent if other
than a corporation) of such entity or entities) after such reorganization, recapitalization or reclassification, (ii) pursuant
to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company or (iii) a merger
in connection with a bona fide acquisition by the Company of any Person in which (x) the gross consideration paid, directly or
indirectly, by the Company in such acquisition is not greater than 20% of the Company’s market capitalization as calculated
on the date of the consummation of such merger and (y) such merger does not contemplate a change to the identity of a majority
of the board of directors of the Company. Notwithstanding anything herein to the contrary, any transaction or series of transactions
that, directly or indirectly, results in the Company or the Successor Entity not having Common Stock or common stock, as applicable,
registered under the Exchange Act and listed on an Eligible Market shall be deemed a Change of Control.

 

(h)           “Closing Sale Price” means, for any security as of any date, the last closing trade price for such security
on the Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and
does not designate the closing trade price, then the last trade price of such security prior to 4:00:00 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 trade price 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 last trade price of such security in the over-the-counter market
on the electronic bulletin board for such security as reported by Bloomberg, or, if no last trade price is reported for such security
by Bloomberg, the average of the ask prices of any market makers for such security as reported in the OTC Link or on the Pink Open
Market. If the Closing Sale Price cannot be calculated for a security on a particular date on any of the foregoing bases, the Closing
Sale Price of such security on such date shall be the fair market value as mutually determined by the Company and the Holder. All
such determinations shall be appropriately adjusted for any stock dividend, stock split, stock combination, reclassification or
other similar transaction during the applicable calculation period.

 

(i)            “Common Stock” means (i) the Company’s Common Stock, par value $0.05 per share, and (ii) any capital
stock into which such Common Stock shall have been changed or any capital stock resulting from a reclassification of such Common
Stock.

 

(j)            “Convertible Securities” means any stock or securities (other than Options) directly or indirectly convertible
into or exercisable or exchangeable for shares of Common Stock.

 

    20 

     

    

 

(k)           “Eligible Market” means The Nasdaq Capital Market, The Nasdaq Global Select Market, The Nasdaq Global
Market, The New York Stock Exchange, Inc. or The NYSE American LLC.

 

(l)            “Exempt Issuance” means the issuance of (a) shares of Common Stock, restricted stock or restricted stock
units, or options to employees, officers or directors of the Company pursuant to any stock or option plan duly adopted for such
purpose, by a majority of the non-employee members of the Board of Directors of the Company or a majority of the members of a committee
of non-employee directors established for such purpose for services rendered to the Company, (b) securities upon the exercise or
exchange of or conversion of any Securities (as defined in the Purchase Agreement) issued under the Purchase Agreement, Warrants
to the Placement Agent (as defined in the Purchase Agreement) in connection with the transactions pursuant to the Purchase Agreement
and any securities upon exercise of Warrants to the Placement Agent and/or other securities exercisable or exchangeable for or
convertible into shares of Common Stock issued and outstanding on the date of the Purchase Agreement, provided that such securities
have not been amended since the date of the Purchase Agreement to increase the number of such securities or to decrease the exercise
price, exchange price or conversion price of such securities (other than in connection with stock splits or combinations) or to
extend the term of such securities, and (c) shares of Common Stock or Common Stock Equivalents (as defined in the Purchase Agreement)
issued in connection with any merger or consolidation of the Company or any Subsidiary (as defined in the Purchase Agreement) with
or into another Person or other similar business combination involving the Company or any Subsidiary or any acquisitions or strategic
transactions involving the Company or any Subsidiary, in each case, approved by a majority of the disinterested directors of the
Company, provided that, except with respect to the issuances of securities set forth on Schedule 1.1 of the Purchase Agreement,
such securities are issued as “restricted securities” (as defined in Rule 144 (as defined in the Purchase Agreement))
and carry no registration rights that require or permit the filing of any registration statement in connection therewith during
the prohibition period in Section 4.13(a) of the Purchase Agreement, and provided that any such issuance shall only be to a Person
(or to the equityholders of a Person) which is, itself or through its subsidiaries, an operating company or an owner of an asset
in a business synergistic with the business of the Company and shall provide to the Company additional benefits in addition to
the investment of funds, but shall not include a transaction in which the Company is issuing securities primarily for the purpose
of raising capital or to an entity whose primary business is investing in securities. Notwithstanding anything herein to the contrary,
a Variable Rate Transaction (as defined in the Purchase Agreement) shall not be an Exempt Issuance.

 

(m)          “Exercise Price” means $13.60 per share, subject to adjustment as provided herein.

 

(n)           “Fundamental Transaction” means (A) that the Company shall, directly or indirectly, including through
subsidiaries, Affiliates or otherwise, in one or more related transactions, (i) consolidate or merge with or into (whether or not
the Company is the surviving corporation) another Subject Entity, or (ii) sell, assign, transfer, convey or otherwise dispose of
all or substantially all of the properties or assets of the Company or any of its “significant subsidiaries” (as defined
in Rule 1-02 of Regulation S-X) to one or more Subject Entities, or (iii) make, or allow one or more Subject Entities to make,
or allow the Company to be subject to or have its shares of

 

    21 

     

    

 

Common Stock be subject to or party to one or more Subject Entities
making, a purchase, tender or exchange offer that is accepted by the holders of at least either (x) 50% of the outstanding shares
of Common Stock, (y) 50% of the outstanding shares of Common Stock calculated as if any shares of Common Stock held by all Subject
Entities making or party to, or Affiliated with any Subject Entities making or party to, such purchase, tender or exchange offer
were not outstanding; or (z) such number of shares of Common Stock such that all Subject Entities making or party to, or Affiliated
with any Subject Entity making or party to, such purchase, tender or exchange offer, become collectively the beneficial owners
(as defined in Rule 13d-3 under the Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (iv) consummate
a stock purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off
or scheme of arrangement) with one or more Subject Entities whereby all such Subject Entities, individually or in the aggregate,
acquire, either (x) at least 50% of the outstanding shares of Common Stock, (y) at least 50% of the outstanding shares of Common
Stock calculated as if any shares of Common Stock held by all the Subject Entities making or party to, or Affiliated with any Subject
Entity making or party to, such stock purchase agreement or other business combination were not outstanding; or (z) such number
of shares of Common Stock such that the Subject Entities become collectively the beneficial owners (as defined in Rule 13d-3 under
the Exchange Act) of at least 50% of the outstanding shares of Common Stock, or (v) reorganize, recapitalize or reclassify its
shares of Common Stock, (B) that the Company shall, directly or indirectly, including through subsidiaries, Affiliates or otherwise,
in one or more related transactions, allow any Subject Entity individually or the Subject Entities in the aggregate to be or become
the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly, whether through acquisition,
purchase, assignment, conveyance, tender, tender offer, exchange, reduction in outstanding shares of Common Stock, merger, consolidation,
business combination, reorganization, recapitalization, spin-off, scheme of arrangement, reorganization, recapitalization or reclassification
or otherwise in any manner whatsoever, of either (x) at least 50% of the aggregate ordinary voting power represented by issued
and outstanding shares of Common Stock, (y) at least 50% of the aggregate ordinary voting power represented by issued and outstanding
shares of Common Stock not held by all such Subject Entities as of the Subscription Date calculated as if any shares of Common
Stock held by all such Subject Entities were not outstanding, or (z) a percentage of the aggregate ordinary voting power represented
by issued and outstanding shares of Common Stock or other equity securities of the Company sufficient to allow such Subject Entities
to effect a statutory short form merger or other transaction requiring other shareholders of the Company to surrender their Common
Stock without approval of the shareholders of the Company or (C) directly or indirectly, including through subsidiaries, Affiliates
or otherwise, in one or more related transactions, the issuance of or the entering into any other instrument or transaction structured
in a manner to circumvent, or that circumvents, the intent of this definition in which case this definition shall be construed
and implemented in a manner otherwise than in strict conformity with the terms of this definition to the extent necessary to correct
this definition or any portion of this definition which may be defective or inconsistent with the intended treatment of such instrument
or transaction.

 

(o)          “Group” means a “group” as that term is used in Section 13(d) of the Exchange Act and as
defined in Rule 13d-5 thereunder.

 

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

 

    22 

     

    

 

(q)          “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person,
including such entity whose common stock or equivalent equity security is quoted or listed on an Eligible Market (or, if so elected
by the Holder, any other market, exchange or quotation system), or, if there is more than one such Person or such entity, the Person
or such entity designated by the Holder or in the absence of such designation, such Person or entity with the largest public market
capitalization as of the date of consummation of the Fundamental Transaction.

 

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

 

(s)          “Principal Market” means The Nasdaq Capital Market.

 

(t)           “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days,
for the Company’s primary trading market or quotation system with respect to the Common Stock that is in effect on the date
of delivery of an applicable Exercise Notice.

 

(u)          “Subject Entity” means any Person, Persons or Group or any Affiliate or associate of any such Person,
Persons or Group.

 

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

 

(w)         “Trading Day” means 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.

 

(x)          “Transaction Documents” shall have the meaning set forth in the Purchase Agreement.

 

(y)         “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 an Eligible Market, the daily volume weighted average price of the Common Stock
for such date (or the nearest preceding date) on the Eligible 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 OTCQB or OTCQX
is not an Eligible Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date)
on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on 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

 

    23 

     

    

 

good faith by the Purchasers (as
defined in the Purchase Agreement) of a majority in interest of the Securities (as defined in the Purchase Agreement) then outstanding
and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.

 

(z)          “Warrant Shares” means the fully paid, non-assessable shares of Common Stock issuable upon exercise of
this Warrant.

 

[Signature Page Follows]

 

    24 

     

    

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.

 

	 	PINEAPPLE HOLDINGS, INC.
	 	 	 
	 	By:	         
	 	Name:
	 	Title:

 

     

     

    

EXHIBIT A

 

EXERCISE NOTICE

 

TO BE EXECUTED BY THE REGISTERED HOLDER
TO EXERCISE THIS WARRANT TO PURCHASE COMMON STOCK

 

PINEAPPLE HOLDINGS, INC.

 

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

 

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

 

	“Cash Exercise” with respect to	Warrant Shares; and/or
	“Cashless Exercise” with respect to	Warrant Shares

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

 

Delivery of Warrant Shares. The
Company shall deliver to the holder shares of Common Stock in accordance with the terms of the Warrant.

 

	Date:	 
	Name of Registered Holder	 

 

	By:	 	 
	 	Name:	 
	 	Title:	 

     

     

    

ACKNOWLEDGMENT

 

The Company hereby
acknowledges this Exercise Notice and hereby directs Equiniti Trust Company to issue the above indicated number of Warrant Shares
on or prior to the applicable Share Delivery Date.

 

	 	PINEAPPLE HOLDINGS, INC.
	 	 	 
	 	By:	        
	 	Name:
	 	Title:

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