Document:

Exhibit 4.2 

SENIOR
CONVERTIBLE NOTE

NEITHER
THE ISSUANCE AND SALE OF THE SECURITIES REPRESENTED BY THIS CERTIFICATE NOR THE SECURITIES INTO WHICH THESE SECURITIES ARE CONVERTIBLE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT
BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I) IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR (B) AN OPINION OF COUNSEL TO THE HOLDER (IF REQUESTED BY THE COMPANY), IN A FORM
REASONABLY ACCEPTABLE TO THE COMPANY, THAT REGISTRATION IS NOT REQUIRED UNDER SAID ACT OR (II) UNLESS SOLD OR ELIGIBLE TO BE SOLD
PURSUANT TO RULE 144 OR RULE 144A UNDER SAID ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH
A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. ANY TRANSFEREE OF THIS NOTE SHOULD
CAREFULLY REVIEW THE TERMS OF THIS NOTE, INCLUDING SECTIONS ‎3(c)(iii) AND ‎17(a) HEREOF. THE PRINCIPAL AMOUNT REPRESENTED
BY THIS NOTE AND, ACCORDINGLY, THE SECURITIES ISSUABLE UPON CONVERSION HEREOF MAY BE LESS THAN THE AMOUNTS SET FORTH ON THE FACE
HEREOF PURSUANT TO SECTION ‎3(c)(iii) OF THIS NOTE.

Guided
Therapeutics, Inc.

Senior
Convertible Note

(Issued pursuant to Section 17(d) hereof to reflect reduction in

Principal of Note originally issued May 23, 2014)

	Issuance
                                         Date: May 23, 2014

        Exchange
        Date: June 25, 2015
	Original
    Principal Amount: U.S. $304,094.30

 

 

FOR
VALUE RECEIVED, Guided Therapeutics, Inc., a Delaware corporation (the “Company”), hereby promises
to pay to the order of MAGNA EQUITIES II, LLC or its registered assigns (“Holder”) the amount set out
above as the Original Principal Amount (as reduced pursuant to the terms hereof pursuant to redemption, conversion or otherwise,
the “Principal”) when due, whether upon the Maturity Date (as defined below), acceleration, redemption
or otherwise (in each case in accordance with the terms hereof) and to pay interest (“Interest”) on
any outstanding Principal (as defined below) (as such interest on any outstanding Principal may be reduced pursuant to the terms
hereof pursuant to redemption, conversion or otherwise) at the applicable Interest Rate (as defined below) from the date set out
above as the Issuance Date (the “Issuance Date”) until the same becomes due and payable,
whether upon the Maturity Date or acceleration, conversion, redemption or otherwise (in each case in accordance with the terms
hereof). This Senior Convertible Note (this “Note”, including all Senior Convertible Notes issued in
exchange, transfer or replacement hereof, collectively, the “Notes”) is one of a series of Senior Convertible
Notes issued pursuant to an Exchange Agreement, dated as of June 25, 2015, by and between the Holder and the Company (the “Exchange
Agreement”) in exchange for the the outstanding Senior Convertible Notes, with an aggregate original principal amount
of U.S.$779,094.30 and an aggregate outstanding principal amount as of the calendar day immediately preceding the Exchange Date
of U.S.$304,094.30, originally issued pursuant to the Securities Purchase Agreement (as defined below) either on the Initial Closing
Date (as defined below) or, if applicable, on the Additional Closing Date (as defined below) (collectively, the “Notes”
and such other Senior Convertible Notes, the “Other Notes”). Certain capitalized terms
used herein are defined in Section 28.

1.                 
PAYMENTS OF PRINCIPAL. On the Maturity Date, the Company shall pay to the Holder an amount in cash representing all outstanding
Principal, accrued and unpaid Interest and accrued and unpaid Late Charges (as defined in Section ‎23(c)) on such Principal
and Interest (as adjusted with respect to any Note Reduction (as defined in Section ‎11)). Other than as specifically permitted
by this Note, the Company may not prepay any portion of the outstanding Principal, accrued and unpaid Interest or accrued and
unpaid Late Charges on Principal and Interest, if any.

2.                 
INTEREST; INTEREST RATE.

(a)               
Interest on this Note shall commence accruing on the Issuance Date and shall be computed on the basis of a 360-day year and twelve
30-day months and shall be payable in cash on the Maturity Date or any applicable Redemption Date, subject to adjustment with
respect to any Note Reduction.

(b)              
Prior to the payment of Interest on the Maturity Date or any applicable Redemption Date, Interest on this Note shall accrue at
the Interest Rate and be payable by way of inclusion of the Interest in the Conversion Amount on each Conversion Date in
accordance with Section ‎3(b)(i). From and after the occurrence and during the continuance of any Event of Default, the
Interest Rate shall automatically be increased to sixteen percent (16.0%) per annum (the “Default Rate”).
In the event that such Event of Default is subsequently cured, the adjustment referred to in the preceding sentence shall cease
to be effective as of the calendar day immediately following the date of such cure; provided that the Interest as calculated and
unpaid at such increased rate during the continuance of such Event of Default shall continue to apply to the extent relating to
the days after the occurrence of such Event of Default through and including the date of such cure of such Event of Default.

3.                 
CONVERSION OF NOTES. This Note shall be convertible into validly issued, fully paid and non-assessable shares of Common
Stock (as defined below), on the terms and conditions set forth in this Section 3.

(a)               
Conversion Right. Subject to the provisions of Section 3(d), at any time or times on or after the Lockup End Date (as defined
in Section ‎3(b)(iv)), the Holder shall be entitled to convert any portion of the outstanding and unpaid Conversion Amount
(as defined below) into validly issued, fully paid and non-assessable shares of Common Stock in accordance with Section 3(c),
at the Conversion Rate (as defined below). The Company shall not issue any fraction of a share of Common Stock upon any conversion.
If the issuance would result in the issuance of a fraction of a share of Common Stock, the Company shall round such fraction of
a share of Common Stock up to the nearest whole share. The Company shall pay any and all transfer, stamp, issuance and similar
taxes that may be payable with respect to the issuance and delivery of Common Stock upon conversion of any Conversion Amount.

(b)              
Conversion Rate. The number of shares of Common Stock issuable upon conversion of any Conversion Amount pursuant to Section
3(a) shall be determined by dividing (x) such Conversion Amount by (y) the Conversion Price (the “Conversion Rate”).

(i)                
“Conversion Amount” means the portion of the Principal to be converted, redeemed or otherwise with respect
to which this determination is being made, plus all accrued and unpaid Interest with respect to such portion of the Principal
amount and accrued and unpaid Late Charges with respect to such portion of such Principal and such Interest.

(ii)              
“Conversion Price” means, for any date of determination, the lesser of (A) the product of (x) the lowest
VWAP of the Common Stock during the five (5) consecutive Trading Days ending and including the Trading Day immediately preceding
the applicable Conversion Date (the “Variable Conversion Base Price”) and (y) the applicable Variable
Percentage, and (B) $0.55 (as adjusted for stock splits, stock dividends, stock combinations or other similar transactions). All
such determinations to be appropriately adjusted for any stock split, stock dividend, stock combination or other similar transaction
during any such measuring period.

(iii)            
“Variable Percentage” means, for any date of determination, (x) if such date of determination is
on or prior to the Lockup End Date, twenty-five percent (25%) or (y) if such date of determination is after the Lockup End Date,
thirty percent (30%).

(iv)            
“Lockup End Date” means the date that is the earlier of (i) September 23, 2015 and (ii) the effectiveness
date of a registration statement registering for issuance or resale any or all of the securities issued in a capital-raising transaction
that results in gross proceeds to the Company of at least $2,000,000.

(c)               
Mechanics of Conversion.

(i)                
Optional Conversion. To convert any Conversion Amount into shares of Common Stock on any date (a “Conversion
Date”), the Holder shall deliver (whether via facsimile or otherwise), for receipt on or prior to 11:59 p.m., New
York time, on such date, a copy of an executed notice of conversion in the form attached hereto as Exhibit I (the “Conversion
Notice”) to the Company. If required by Section ‎3‎(b)(iii)‎(iii), the Holder shall surrender
this Note to a nationally recognized overnight delivery service for delivery to the Company (or an indemnification undertaking
with respect to this Note in the case of its loss, theft or destruction as contemplated by Section ‎17(b)). On or before
the first (1st) Trading Day following the date of receipt of a Conversion Notice, the Company shall transmit by facsimile
an acknowledgment of confirmation, in the form attached hereto as Exhibit II, of receipt of such Conversion Notice to the
Holder and the Company’s transfer agent (the “Transfer Agent”) . On or before the second (2nd)
Trading Day following the date of receipt of a Conversion Notice, the Company shall (1) provided that the Transfer Agent is participating
in The Depository Trust Company’s (“DTC”) Fast Automated Securities Transfer Program and such
shares of Common Stock may be issued without restrictive legend in accordance with Section 4.4 of the Securities Purchase Agreement,
credit such aggregate number of shares of Common Stock to which the Holder shall be entitled to the Holder’s or its designee’s
balance account with DTC through its Deposit/Withdrawal at Custodian system or (2) if the Transfer Agent is not participating
in the DTC Fast Automated Securities Transfer Program or such shares of Common Stock may not be issued without restrictive legend
in accordance with Section 4.4 of the Securities Purchase Agreement, issue and deliver (via reputable overnight courier) to the
address as specified in the Conversion Notice, a certificate, registered in the name of the Holder or its designee, for the number
of shares of Common Stock to which the Holder shall be entitled. If this Note is physically surrendered for conversion as required
by Section 3(c)(iii) and the outstanding Principal of this Note is greater than the Principal portion of the Conversion Amount
being converted, then the Company shall as soon as practicable and in no event later than three (3) Trading Days after receipt
of this Note and at its own expense, issue and deliver to the Holder (or its designee) a new Note (in accordance with Section
‎17(d)) representing the outstanding Principal not converted. The Person or Persons entitled to receive the shares of Common
Stock issuable upon a conversion of this Note shall be treated for all purposes as the record holder or holders of such shares
of Common Stock on the Conversion Date.

(ii)              
Company’s Failure to Timely Convert. If the Company shall fail, for any reason or for no reason, to issue to the
Holder within three (3) Trading Days after the Company’s receipt of a Conversion Notice (whether via facsimile or otherwise)
(the “Share Delivery Deadline”), a certificate for the number of shares of Common Stock to which the
Holder is entitled and register such shares of Common Stock on the Company’s share register or to credit the Holder’s
or its designee’s balance account with DTC for such number of shares of Common Stock to which the Holder is entitled upon
the Holder’s conversion of any Conversion Amount (as the case may be) (a “Conversion Failure”)
then, in addition to all other remedies available to the Holder, (1) the Company shall pay in cash to the Holder on each day after
such Share Delivery Deadline that the issuance of such shares of Common Stock is not timely effected an amount equal to 2% of
the product of (A) the sum of the number of shares of Common Stock not issued to the Holder on a timely basis and to which the
Holder is entitled multiplied by (B) the Closing Sale Price of the Common Stock on the Trading Day immediately preceding the last
possible date which the Company could have issued such shares of Common Stock to the Holder without violating Section ‎3(c)(i)
and (2) the Holder, upon written notice to the Company delivered at any time after the earlier of (x) ten (10) Trading Days after
the Conversion Date or (y) any date on or after the Conversion Date that an Event of Default has occurred or is continuing, may
void its Conversion Notice with respect to, and retain or have returned (as the case may be) any portion of this Note that has
not been converted pursuant to such Conversion Notice, provided that the voiding of a Conversion Notice shall not affect the Company’s
obligations to make any payments which have accrued prior to the date of such notice pursuant to this Section ‎3(c)(ii)
or otherwise. In addition to the foregoing, if on or prior to the Share Delivery Deadline, the Company shall fail to issue and
deliver a certificate to the Holder and register such shares of Common Stock on the Company’s share register or credit the
Holder’s or its designee’s balance account with DTC for the number of shares of Common Stock to which the Holder is
entitled upon the Holder’s conversion hereunder (as the case may be), and if on or after such Share Delivery Deadline the
Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the
Holder of all or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to
all or any portion of the number of shares of Common Stock, issuable upon such conversion that the Holder so anticipated receiving
from the Company, then, in addition to all other remedies available to the Holder, the Company shall, within three (3) Business
Days after receipt of the Holder’s written request and in the Holder’s discretion, either: (I) pay cash to the Holder
in an amount equal to the Holder’s total purchase price (including brokerage commissions and other out-of-pocket expenses,
if any) for the shares of Common Stock so purchased (including, without limitation, by any other Person in respect, or on behalf,
of the Holder) (the “Buy-In Price”), at which point the Company’s obligation to so issue and deliver
such certificate or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder
is entitled upon the Holder’s conversion hereunder (as the case may be) (and to issue such shares of Common Stock) shall
terminate, or (II) solely if on or after the third (3rd) Trading Day following the Share Delivery Deadline, promptly
honor its obligation to so issue and deliver to the Holder a certificate or certificates representing such shares of Common Stock
or credit the Holder’s balance account with DTC for the number of shares of Common Stock to which the Holder is entitled
upon the Holder’s conversion hereunder (as the case may be) and pay cash to the Holder in an amount equal to the excess
(if any) of the Buy-In Price over the product of (x) such number of shares of Common Stock multiplied by (y) the lowest Closing
Sale Price of the Common Stock on any Trading Day during the period commencing on the date of the applicable Conversion Notice
and ending on the date of such issuance and payment under this clause (II) (the remedies set forth in clauses (I) and (II), collectively,
the “Buy-In Remedies”). Notwithstanding the foregoing, to the extent the Holder voids the applicable
Conversion Notice on or after the Share Delivery Deadline and if on or after such Share Delivery Deadline the Holder purchases
(in an open market transaction or otherwise) shares of Common Stock to deliver in satisfaction of a sale by the Holder of all
or any portion of the number of shares of Common Stock, or a sale of a number of shares of Common Stock equal to all or any portion
of the number of shares of Common Stock, issuable upon such conversion that the Holder so anticipated receiving from the Company
prior to voiding such Conversion Notice and the Company has not satisfied any of the Buy-In Remedies with respect to such Conversion
Notice, then, in addition to all other remedies available to the Holder, but in lieu of the Company’s obligation to satisfy
the Buy-In Remedies above with respect to such Conversion Notice, the Company shall, within three (3) Business Days after receipt
of the Holder’s written request, pay cash to the Holder in an amount equal to the difference of (x) Holder’s total
purchase price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased
(including, without limitation, by any other Person in respect, or on behalf, of the Holder), less (y) the Conversion Amount with
respect to such Conversion Notice.

(iii)            
Book-Entry. Notwithstanding anything to the contrary set forth in this Section ‎3, following conversion of any
portion of this Note in accordance with the terms hereof, the Holder shall not be required to physically surrender this Note to
the Company unless (A) the full Conversion Amount represented by this Note is being converted (in which event this Note shall
be delivered to the Company following conversion thereof as contemplated by Section ‎3(c)(i)) or (B) the Holder has provided
the Company with prior written notice (which notice may be included in a Conversion Notice) requesting reissuance of this Note
upon physical surrender of this Note or (C) no more than once in any six month period, the Company elects to issue a New Note
pursuant to Section 17(d). The Holder and the Company shall maintain records showing the Principal, Interest and Late Charges
converted and/or paid and/or adjusted (as the case may be) and the dates of such conversions and/or payments and/or adjustments
(as the case may be) or shall use such other method, reasonably satisfactory to the Holder and the Company, so as not to require
physical surrender of this Note upon conversion.

(iv)            
Pro Rata Conversion; Disputes. In the event of a dispute as to the number of shares of Common Stock issuable to the Holder
in connection with a conversion of this Note, the Company shall issue to the Holder the number of shares of Common Stock not in
dispute and resolve such dispute in accordance with Section ‎22.

(d)              
Limitations on Conversions. Notwithstanding anything to the contrary contained in this Note, this Note shall not be convertible
by the Holder hereof, and the Company shall not effect any conversion of this Note or otherwise issue any shares of Common Stock
pursuant hereto, to the extent (but only to the extent) that after giving effect to such conversion or other share issuance hereunder
the Holder (together with its affiliates) would beneficially own in excess of 9.99% (the “Maximum Percentage”)
of the Common Stock. To the extent the above limitation applies, the determination of whether this Note shall be convertible
(vis-à-vis other convertible, exercisable or exchangeable securities owned by the Holder or any of its affiliates) and
of which such securities shall be convertible, exercisable or exchangeable (as among all such securities owned by the Holder and
its affiliates) shall, subject to such Maximum Percentage limitation, be determined on the basis of the first submission to the
Company for conversion, exercise or exchange (as the case may be). No prior inability to convert this Note, or to issue shares
of Common Stock, pursuant to this paragraph shall have any effect on the applicability of the provisions of this paragraph with
respect to any subsequent determination of convertibility. For purposes of this paragraph, beneficial ownership and all determinations
and calculations (including, without limitation, with respect to calculations of percentage ownership) shall be determined in
accordance with Section 13(d) of the 1934 Act (as defined in the Securities Purchase Agreement) and the rules and regulations
promulgated thereunder. The provisions of this paragraph shall be implemented in a manner otherwise than in strict conformity
with the terms of this paragraph to correct this paragraph (or any portion hereof) which may be defective or inconsistent with
the intended Maximum Percentage beneficial ownership limitation herein contained or to make changes or supplements necessary or
desirable to properly give effect to such Maximum Percentage limitation. The limitations contained in this paragraph shall apply
to a successor Holder of this Note. The holders of Common Stock shall be third party beneficiaries of this paragraph and the Company
may not waive this paragraph without the consent of holders of a majority of its Common Stock. For any reason at any time, upon
the written or oral request of the Holder, the Company shall within one (1) Business Day confirm orally and in writing to the
Holder the number of shares of Common Stock then outstanding, including by virtue of any prior conversion or exercise of convertible
or exercisable securities into Common Stock, including, without limitation, pursuant to this Note or securities issued pursuant
to the Securities Purchase Agreement.

4.                 
RIGHTS UPON EVENT OF DEFAULT.

(a)               
Event of Default. Each of the following events shall constitute an “Event of Default”:

(i)                
the suspension from trading or the failure of the Common Stock to be trading or listed (as applicable) on an Eligible Market for
a period of ten (10) consecutive days or for more than an aggregate of thirty (30) days in any 365-day period;

(ii)              
the Company’s or any Subsidiary’s (as defined in the Securities Purchase Agreement) failure to pay to the Holder any
amount of Principal, Interest, Late Charges or other amounts when and as due under this Note (including, without limitation, the
Company’s or any Subsidiary’s failure to pay any redemption payments or amounts hereunder) or any other Transaction
Document (as defined in the Securities Purchase Agreement) or any other agreement, document, certificate or other instrument delivered
in connection with the transactions contemplated hereby and thereby, except, in the case of a failure to pay Interest and Late
Charges when and as due, in which case only if such failure remains uncured for a period of at least five (5) days;

(iii)            
the occurrence of any default under, redemption of or acceleration prior to maturity of an aggregate of any Indebtedness (as defined
in the Securities Purchase Agreement) of the Company or any of its Subsidiaries;

(iv)            
bankruptcy, insolvency, reorganization or liquidation proceedings or other proceedings for the relief of debtors shall be instituted
by or against the Company or any Subsidiary and, if instituted against the Company or any Subsidiary by a third party, shall not
be dismissed within sixty (60) days of their initiation;

(v)              
the commencement by the Company or any Subsidiary of a voluntary case or proceeding under any applicable federal, state or foreign
bankruptcy, insolvency, reorganization or other similar law or of any other case or proceeding to be adjudicated a bankrupt or
insolvent, or the consent by it to the entry of a decree, order, judgment or other similar document in respect of the Company
or any Subsidiary in an involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency,
reorganization or other similar law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the
filing by it of a petition or answer or consent seeking reorganization or relief under any applicable federal, state or foreign
law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Company or any Subsidiary or of any substantial part
of its property, or the making by it of an assignment for the benefit of creditors, or the execution of a composition of debts,
or the occurrence of any other similar federal, state or foreign proceeding, or the admission by it in writing of its inability
to pay its debts generally as they become due, the taking of corporate action by the Company or any Subsidiary in furtherance
of any such action or the taking of any action by any Person to commence a Uniform Commercial Code foreclosure sale or any other
similar action under federal, state or foreign law;

(vi)            
the entry by a court of (i) a decree, order, judgment or other similar document in respect of the Company or any Subsidiary of
a voluntary or involuntary case or proceeding under any applicable federal, state or foreign bankruptcy, insolvency, reorganization
or other similar law or (ii) a decree, order, judgment or other similar document adjudging the Company or any Subsidiary as bankrupt
or insolvent, or approving as properly filed a petition seeking liquidation, reorganization, arrangement, adjustment or composition
of or in respect of the Company or any Subsidiary under any applicable federal, state or foreign law or (iii) a decree, order,
judgment or other similar document appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Subsidiary or of any substantial part of its property, or ordering the winding up or liquidation
of its affairs, and the continuance of any such decree, order, judgment or other similar document or any such other decree, order,
judgment or other similar document unstayed and in effect for a period of thirty (30) consecutive days;

(vii)          
a final judgment or judgments for the payment of money aggregating in excess of $250,000 are rendered against the Company and/or
any of its Subsidiaries and which judgments are not, within forty-five (45) days after the entry thereof, bonded, discharged or
stayed pending appeal, or are not discharged within sixty (60) days after the expiration of such stay; provided, however, any
judgment which is covered by insurance or an indemnity from a credit worthy party shall not be included in calculating the $250,000
amount set forth above so long as the Company provides the Holder a written statement from such insurer or indemnity provider
(which written statement shall be reasonably satisfactory to the Holder) to the effect that such judgment is covered by insurance
or an indemnity and the Company or such Subsidiary (as the case may be) will receive the proceeds of such insurance or indemnity
within thirty (30) days of the issuance of such judgment;

(viii)        
the Company and/or any Subsidiary, individually or in the aggregate, either (i) fails to pay, when due, or within any applicable
grace period, any payment with respect to any Indebtedness in excess of $250,000 due to any third party (other than, with respect
to unsecured Indebtedness only, payments contested by the Company and/or such Subsidiary (as the case may be) in good faith by
proper proceedings and with respect to which adequate reserves have been set aside for the payment thereof in accordance with
GAAP) or is otherwise in breach or violation of any agreement for monies owed or owing in an amount in excess of $250,000, which
breach or violation permits the other party thereto to declare a default or otherwise accelerate amounts due thereunder, or (ii)
suffer to exist any other circumstance or event that would, with or without the passage of time or the giving of notice, result
in a default or event of default under any agreement binding the Company or any Subsidiary, which default or event of default
would or is likely to have a material adverse effect on the business, assets, operations (including results thereof), liabilities,
properties, condition (including financial condition) or prospects of the Company or any of its Subsidiaries, individually or
in the aggregate;

(ix)            
any breach or failure in any respect by the Company or any Subsidiary to comply with any provision of Section ‎13 of this
Note;

(x)              
other than as specifically set forth in another clause of this Section ‎4(a), the Company or any of its Subsidiaries breaches
any representation or warranty in any material respect (except with respect to any representation or warranty qualified by material
or material adverse effect, in any respect) or breaches any covenant or other term or condition of any Transaction Document, except,
in the case of a breach of a covenant or other term or condition of any Transaction Document in any material respect which is
curable, only if such breach continues for a period of at least an aggregate of five (5) consecutive Trading Days after the earlier
of (A) the date the Company initially becomes aware of such breach and (B) the earliest date the Company should have become aware
of such breach (or a Person in a smilar business to the Company exercising due prudence would reasonably be expected to become
aware of such breach);

(xi)            
any Event of Default (as defined in the Other Notes) occurs with respect to any Other Notes;

(xii)          
the Company’s (A) failure to cure a Conversion Failure by delivery of the required number of shares of Common Stock within
ten (10) Trading Days after the applicable Conversion Date or (B) written notice or public announcement, at any time, of its intention
not to comply in the future with a request for conversion of this Note or any Other Notes into shares of Common Stock that may
be tendered in accordance with the provisions of this Note or the Other Notes, other than pursuant to Section 3(d) (and analogous
provisions under the Other Notes);

(xiii)        
the Company fails to remove any restrictive legend on any certificate or any shares of Common Stock issued to the Holder (or its
designee) via DTC for transfer to a transferee in connection with the resale of such shares of Common Stock to a transferee following
the conversion or exercise (as the case may be) of any Securities (as defined in the Securities Purchase Agreement) acquired by
the Holder under the Securities Purchase Agreement (including this Note) as and when required by such Securities or the Securities
Purchase Agreement, unless otherwise then prohibited by applicable federal securities laws, and any such failure remains uncured
for at least ten (10) Trading Days; or

(xiv)        
any Change of Control or Going-Private Event occurs.

(b)              
Notice of an Event of Default; Redemption Right. Upon the occurrence of an Event of Default with respect to this Note,
the Company shall within one (1) Business Day deliver written notice thereof via facsimile and overnight courier (with next day
delivery specified) (an “Event of Default Notice”) to the Holder. At any time after the earlier of the
Holder’s receipt of an Event of Default Notice and the Holder becoming aware of an Event of Default, the Holder may require
the Company to redeem, at any time during the period commencing on the date the Holder first becomes aware of such Event of Default
through and including the twentieth Trading Day after the later of (x) the date the Holder receives the applicable Event of Default
Notice with respect thereto and (y) the date such Event of Default has been cured, all or any portion of this Note by delivering
written notice thereof (the “Event of Default Redemption Notice”) to the Company, which Event of Default
Redemption Notice shall indicate the portion of this Note the Holder is electing to redeem. Each portion of this Note subject
to redemption by the Company pursuant to this Section ‎4(b) shall be redeemed by the Company at a price equal to the greater
of (i) the product of (A) the Conversion Amount to be redeemed multiplied by (B) the Redemption Premium and (ii) the product of
(X) the Conversion Rate with respect to the Conversion Amount in effect at such time as the Holder delivers an Event of Default
Redemption Notice multiplied by (Y) the product of (1) the Redemption Premium multiplied by (2) the greatest Closing Sale Price
of the Common Stock on any Trading Day during the period commencing on the date immediately preceding such Event of Default and
ending on the date the Company makes the entire payment required to be made under this Section ‎4(b) (the “Event
of Default Redemption Price”). Redemptions required by this Section ‎4(b) shall be made in accordance
with the provisions of Section ‎10. To the extent redemptions required by this Section ‎4(b) are deemed or determined
by a court of competent jurisdiction to be prepayments of this Note by the Company, such redemptions shall be deemed to be voluntary
prepayments. Notwithstanding anything to the contrary in this Section ‎4, but subject to Section ‎3(d), until the
Event of Default Redemption Price (together with any Late Charges thereon) is paid in full, the Conversion Amount submitted for
redemption under this Section ‎4(b) (together with any Late Charges thereon) may be converted, in whole or in part, by the
Holder into Common Stock pursuant to the terms of this Note. In the event of the Company’s redemption of any portion of
this Note under this Section ‎4(b), the Holder’s damages would be uncertain and difficult to estimate because of the
parties’ inability to predict future interest rates and the uncertainty of the availability of a suitable substitute investment
opportunity for the Holder. Accordingly, any redemption premium due under this Section ‎4(b) is intended by the parties
to be, and shall be deemed, a reasonable estimate of the Holder’s actual loss of its investment opportunity and not as a
penalty.

5.                 
RIGHTS UPON FUNDAMENTAL TRANSACTION; OTHER CORPORATE EVENTS.

(a)               
Assumption. The Company shall not enter into or be party to a Fundamental Transaction unless the Successor Entity assumes
in writing all of the obligations of the Company under this Note and the other Transaction Documents in accordance with the provisions
of this Section ‎5‎(a) pursuant to written agreements in form and substance reasonably satisfactory to the Holder
and approved by the Holder without unreasonable delay prior to such Fundamental Transaction, including agreements to deliver to
each holder of Notes in exchange for such Notes a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to the Notes, including, without limitation, having a principal amount and interest rate equal to
the principal amounts then outstanding and the interest rates of the Notes held by such holder, having similar conversion rights
as the Notes and having similar ranking to the Notes, and satisfactory to the Holder. Upon the occurrence of any Fundamental Transaction,
the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such Fundamental Transaction,
the provisions of this Note and the other Transaction Documents referring to the “Company” shall refer instead to
the Successor Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company
under this Note and the other Transaction Documents with the same effect as if such Successor Entity had been named as the Company
herein. Upon consummation of a Fundamental Transaction, the Successor Entity shall deliver to the Holder confirmation that there
shall be issued upon conversion or redemption of this Note at any time after the consummation of such Fundamental Transaction,
in lieu of the shares of the Company’s Common Stock (or other securities, cash, assets or other property (except such items
still issuable under Section ‎14, which shall continue to be receivable thereafter) issuable upon the conversion or redemption
of the Notes prior to such Fundamental Transaction, such shares of the common stock (or their equivalent) of the Successor Entity
(including its Parent Entity) or other consideration received by the holders of Common Stock which the Holder would have been
entitled to receive upon the happening of such Fundamental Transaction had this Note been converted immediately prior to such
Fundamental Transaction (without regard to any limitations on the conversion of this Note), as adjusted in accordance with the
provisions of this Note. Notwithstanding the foregoing, the Holder may elect, at its sole option, by delivery of written notice
to the Company to waive this Section ‎5(a) to permit the Fundamental Transaction without the assumption of this Note.

(b)              
Other Corporate Events. 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 shares of Common Stock are entitled to receive securities or other
assets with respect to or in exchange for shares of Common Stock (a “Corporate Event”), the Company
shall make appropriate provision to insure that the Holder will thereafter have the right to receive upon a conversion of this
Note (i) in addition to the shares of Common Stock receivable upon such conversion, such securities or other assets to which the
Holder would have been entitled with respect to such shares of Common Stock had such shares of Common Stock been held by the Holder
upon the consummation of such Corporate Event (without taking into account any limitations or restrictions on the convertibility
of this Note) or (ii) in lieu of the shares of Common Stock otherwise receivable upon such conversion, such securities or other
assets received by the holders of shares of Common Stock in connection with the consummation of such Corporate Event in such amounts
as the Holder would have been entitled to receive had this Note initially been issued with conversion rights for the form of such
consideration (as opposed to shares of Common Stock) at a conversion rate for such consideration commensurate with the Conversion
Rate. Provision made pursuant to the preceding sentence shall be in a form and substance reasonably satisfactory to the Holder.

(c)               
The provisions of this Section ‎5 shall apply similarly and equally to successive Fundamental Transactions and Corporate
Events and shall be applied without regard to any limitations on the conversion of this Note.

6.                 
[INTENTIONALLY OMITTED]

7.                 
NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will not, by amendment of its Certificate of
Incorporation (as defined in the Securities Purchase Agreement), Bylaws (as defined in the Securities Purchase Agreement) or through
any reorganization, transfer of assets, consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities,
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Note, and will
at all times in good faith carry out all of the provisions of this Note and take all action as may be required to protect the
rights of the Holder of this Note. Without limiting the generality of the foregoing, the Company (i) shall not increase the
par value of any shares of Common Stock receivable upon conversion of this Note above the Conversion 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 conversion of this Note, and (iii) shall, so long as any of the Notes 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 conversion of the Notes, the maximum number of shares of Common Stock as shall from time to time
be necessary to effect the conversion of the Notes then outstanding (without regard to any limitations on conversion).

8.                 
RESERVATION OF AUTHORIZED SHARES.

(a)               
Reservation. So long as any of the Notes are outstanding, the Company shall take all action necessary to reserve and keep
available out of its authorized and unissued Common Stock, solely for the purpose of effecting the conversion of the Notes, a
number of shares of Common Stock, as of any date of determination, for each of the Notes in accordance with the following formula:

P

------------------ x 2.5 = Share Reserve

(T
x B)

P
= The aggregate Purchase Price (as defined the Securities Purchase Agreement) of the Notes issued on or prior to such date of
determination;

T
= The applicable Conversion Price as of such date of determination;

B
= 0.85;

provided,
that, the Share Reserve shall in no event be less than 150% of the number of shares of Common Stock as shall from time to time
be necessary to effect the conversion of all of the Notes then outstanding (without regard to any limitations on conversions)
(the “Required Reserve Amount”).

(b)              
Insufficient Authorized Shares. If, notwithstanding Section ‎8‎(a), and not in limitation thereof, at any time
while any of the Notes remain outstanding the Company does not have a sufficient number of authorized and unreserved shares of
Common Stock to satisfy its obligation to reserve for issuance upon conversion of the Notes at least a number of shares of Common
Stock equal to the Required Reserve Amount (an “Authorized Share Failure”), then the Company shall immediately
take all action reasonably necessary to increase the Company’s authorized shares of Common Stock to an amount sufficient
to allow the Company to reserve the Required Reserve Amount for the Notes then outstanding. Without limiting the generality of
the foregoing sentence, as soon as practicable after the date of the occurrence of an Authorized Share Failure, but in no event
later than seventy-five (75) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting of its
stockholders for the approval of an increase in the number of authorized shares of Common Stock. In connection with such meeting,
the Company shall provide each stockholder with a proxy statement and shall use its best efforts to solicit its stockholders’
approval of such increase in authorized shares of Common Stock and to cause its board of directors to recommend to the stockholders
that they approve such proposal. In the event that the Company is prohibited from issuing shares of Common Stock upon any conversion
due to the failure by the Company to have sufficient shares of Common Stock available out of the authorized but unissued shares
of Common Stock (such unavailable number of shares of Common Stock, the “Authorization Failure Shares”),
in lieu of delivering such Authorization Failure Shares to the Holder, the Company shall pay cash in exchange for the redemption
of such portion of the Conversion Amount convertible into such Authorized Failure Shares at a price equal to the sum of (i) the
product of (x) such number of Authorization Failure Shares and (y) the greatest Closing Sale Price of the Common Stock on any
Trading Day during the period commencing on the date the Holder delivers the applicable Conversion Notice with respect to such
Authorization Failure Shares to the Company and ending on the date of such issuance and payment under this Section ‎8(b)
and (ii) to the extent the Holder purchases (in an open market transaction or otherwise) shares of Common Stock to deliver in
satisfaction of a sale by the Holder of Authorization Failure Shares, any brokerage commissions and other out-of-pocket expenses,
if any, of the Holder incurred in connection therewith. Nothing contained in Section ‎8(a) or this Section ‎8(b)
shall limit any obligations of the Company under any provision of the Securities Purchase Agreement.

9.                 
Company Optional Redemption. At any time after the Issuance Date, the Company
shall have the right to redeem all, or any part, of the Conversion Amount then remaining under this Note (the “Company
Optional Redemption Amount”) on the Company Optional Redemption Date (as defined below) (a “Company
Optional Redemption”). The portion of this Note subject to redemption pursuant to this Section ‎9 shall be
redeemed by the Company in cash at a price (the “Company Optional Redemption Price”) equal to 125% of
the Company Optional Redemption Amount of this Note then outstanding. The Company may exercise its right to require redemption
under this Section ‎9 by delivering an irrevocable written notice thereof to the Holder (the “Company Optional
Redemption Notice” and the date the Holder receives such notice is referred to as the “Company Optional
Redemption Notice Date”). The Company may deliver only one Company Optional Redemption Notice in any ninety (90)
day period, unless the Holder consents otherwise in its sole discretion. The Company Optional Redemption Notice shall (x) state
the date on which the Company Optional Redemption shall occur (the “Company Optional Redemption Date”)
which date, unless the Holder consents otherwise in its sole discretion, shall not be less than sixty (60) calendar days nor more
than ninety (90) calendar days following the Company Optional Redemption Notice Date, and (y) state the aggregate Conversion Amount
of the Notes which is being redeemed in such Company Optional Redemption from the Holder pursuant to this Section ‎9 on
the Company Optional Redemption Date; provided, however, that such date restrictions shall not apply to any Company Options Reemption
Notice delivered prior to the Lockup End Date. Notwithstanding anything herein to the contrary, at any time prior to the date
the Company Optional Redemption Price is paid, in full, the Company Optional Redemption Amount may be converted, in whole or in
part, by the Holder into shares of Common Stock pursuant to Section ‎3. All Conversion Amounts converted by the Holder after
the Company Optional Redemption Notice Date shall reduce the Company Optional Redemption Amount of this Note required to be redeemed
on the Company Optional Redemption Date. Redemptions made pursuant to this Section ‎9 shall be made in accordance with Section
‎10.

10.             
REDEMPTIONS.

(a)               
Mechanics. The Company shall deliver the applicable Event of Default Redemption Price to the Holder in cash within five
(5) Business Days after the Company’s receipt of the Holder’s Event of Default Redemption Notice. The Company shall
deliver the applicable Company Optional Redemption Price to the Holder in cash on the applicable Company Optional Redemption Date.
In the event of a redemption of less than all of the Conversion Amount of this Note, the Company shall promptly cause to be issued
and delivered to the Holder a new Note (in accordance with Section ‎17(d)) representing the outstanding Principal which
has not been redeemed. The Holder’s delivery of a notice voiding a Redemption Notice and exercise of its rights following
such notice shall not affect the Company’s obligations to make any payments of Late Charges which have accrued prior to
the date of such notice with respect to the Conversion Amount subject to such notice.

11.             
VOTING RIGHTS. The Holder shall have no voting rights as the holder of this Note, except as required by law (including,
without limitation, the Delaware General Corporation Law) and as expressly provided in this Note.

12.             
[INTENTIONALLY OMITTED]

13.             
COVENANTS. Until all of the Notes have been converted, redeemed or otherwise satisfied in accordance with their terms:

(a)               
Rank. All payments due under this Note shall rank pari passu with all Other Notes.

(b)              
Restricted Payments. The Company shall not, and the Company shall cause each of its Subsidiaries to not, directly or indirectly,
redeem, defease, repurchase, repay or make any payments in respect of, by the payment of cash or cash equivalents (in whole or
in part, whether by way of open market purchases, tender offers, private transactions or otherwise), all or any portion of any
Indebtedness, whether by way of payment in respect of principal of (or premium, if any) or interest on, such Indebtedness if at
the time such payment is due or is otherwise made or, after giving effect to such payment, (i) an event constituting an Event
of Default has occurred and is continuing or (ii) an event that with the passage of time and without being cured would constitute
an Event of Default has occurred and is continuing.

(c)               
Restricted Issuances. The Company shall not, directly or indirectly, without the prior written consent of the holders of
a majority in aggregate principal amount of the Notes then outstanding, (i) issue any Notes (other than as contemplated by the
Securities Purchase Agreement and the Notes) or (ii) issue any other securities that would cause a breach or default under the
Notes.

(d)              
Restriction on Redemption and Cash Dividends. Other than in accordance with the terms in effect as of the Initial Closing
Date with respect to preferred stock of the Company outstanding as of the Initial Closing Date, the Company shall not, and the
Company shall cause each of its Subsidiaries to not, directly or indirectly, redeem, repurchase or declare or pay any cash dividend
or distribution on any of its capital stock.

(e)               
Restriction on Transfer of Assets. The Company shall not, and the Company shall cause each of its Subsidiaries to not,
directly or indirectly, sell, lease, license, assign, transfer, spin-off, split-off, close, convey or otherwise dispose of any
assets or rights of the Company or any Subsidiary owned or hereafter acquired whether in a single transaction or a series of related
transactions, other than (i) sales, leases, licenses, assignments, transfers, conveyances and other dispositions of such assets
or rights by the Company and its Subsidiaries in the ordinary course of business, (ii) sales of inventory in the ordinary course
of business, or (iii) assets directly related to the Company’s interstitial fluid analysis system.

(f)               
Transactions with Affiliates. The Company shall not, nor shall it permit any of its Subsidiaries to, enter into, renew,
extend or be a party to, any transaction or series of related transactions (including, without limitation, the purchase, sale,
lease, transfer or exchange of property or assets of any kind or the rendering of services of any kind) with any affiliate, except
in the ordinary course of business in a manner and to an extent consistent with past practice and necessary or desirable for the
prudent operation of its business, for fair consideration and on terms no less favorable to it or its Subsidiaries than would
be obtainable in a comparable arm’s length transaction with a Person that is not an affiliate thereof.

14.             
PARTICIPATION. Upon any conversion of this Note, the Holder shall be entitled to receive such dividends paid and distributions
made to the holders of Common Stock from and after the initial Issuance Date to the same extent as if the Holder had effected
such conversion and had held such shares of Common Stock (issued or to be issued in such conversion) on the record date for such
dividends and distributions. Payments under the preceding sentence shall be made on or prior to the applicable Share Delivery
Deadline with respect to such conversion.

15.             
AMENDING THE TERMS OF THIS NOTE. The prior written consent of the Holder shall be required for any change or amendment
to this Note.

16.             
TRANSFER. This Note and any shares of Common Stock issued upon conversion of this Note may be offered, sold, assigned or
transferred by the Holder without the consent of the Company, subject only to the provisions of Section 4.4 of the Securities
Purchase Agreement.

17.             
REISSUANCE OF THIS NOTE.

(a)               
Transfer. If this Note is to be transferred, the Holder shall surrender this Note to the Company, whereupon the Company
will forthwith issue and deliver upon the order of the Holder a new Note (in accordance with Section ‎17‎(d)), registered
as the Holder may request, representing the outstanding Principal being transferred by the Holder and, if less than the entire
outstanding Principal is being transferred, a new Note (in accordance with Section ‎17‎(d)) to the Holder representing
the outstanding Principal not being transferred. The Holder and any assignee, by acceptance of this Note, acknowledge and agree
that, by reason of the provisions of Section ‎3(c)(iii) following conversion or redemption of any portion of this Note,
the outstanding Principal represented by this Note may be less than the Principal stated on the face of this Note.

(b)              
Lost, Stolen or Mutilated Note. Upon receipt by the Company of evidence reasonably satisfactory to the Company of the loss,
theft, destruction or mutilation of this Note (as to which a written certification and the indemnification contemplated below
shall suffice as such evidence), and, in the case of loss, theft or destruction, of any indemnification undertaking by the Holder
to the Company in customary and reasonable form and, in the case of mutilation, upon surrender and cancellation of this Note,
the Company shall execute and deliver to the Holder a new Note (in accordance with Section ‎17‎(d)) representing the
outstanding Principal.

(c)               
Note Exchangeable for Different Denominations. This Note is exchangeable, upon the surrender hereof by the Holder at the
principal office of the Company, for a new Note or Notes (in accordance with Section ‎17‎(d) and in principal amounts
of at least $1,000) representing in the aggregate the outstanding Principal of this Note, and each such new Note will represent
such portion of such outstanding Principal as is designated by the Holder at the time of such surrender.

(d)              
Issuance of New Notes. Whenever the Company is required or, at the option of the Company exercised no more than once in
any six month period, elects to issue a new Note pursuant to the terms of this Note to reflect the reduction in Principal of this
Note then outstanding, such new Note (i) shall be of like tenor with this Note, (ii) shall represent, as indicated on the face
of such new Note, the Principal remaining outstanding (or in the case of a new Note being issued pursuant to Section ‎17‎(a)
or Section ‎17‎(c), the Principal designated by the Holder which, when added to the principal represented by the other
new Notes issued in connection with such issuance, does not exceed the Principal remaining outstanding under this Note immediately
prior to such issuance of new Notes), (iii) shall have an issuance date, as indicated on the face of such new Note, which is the
same as the Issuance Date of this Note, (iv) shall have the same rights and conditions as this Note, (v) shall have an exchange
date, as indicated on the face of such new Note, which is the same as the Exchange Date of this Note and (vi) shall represent
accrued and unpaid Interest and Late Charges on the Principal and Interest of this Note, from the Issuance Date. Upon recipt of
such new Note, the Holder shall physically surrender this Note to the Company.

18.             
REMEDIES, CHARACTERIZATIONS, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies provided in this Note shall
be cumulative and in addition to all other remedies available under this Note and any of the other Transaction Documents at law
or in equity (including a decree of specific performance and/or other injunctive relief), and nothing herein shall limit the Holder’s
right to pursue actual and consequential damages for any failure by the Company to comply with the terms of this Note. The Company
covenants to the Holder that there shall be no characterization concerning this instrument other than as expressly provided herein.
Amounts set forth or provided for herein with respect to payments, conversion and the like (and the computation thereof) shall
be the amounts to be received by the Holder and shall not, except as expressly provided herein, be subject to any other obligation
of the Company (or the performance thereof). The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate. The Company therefore agrees
that, in the event of any such breach or threatened breach, the Holder shall be entitled, in addition to all other available remedies,
to an injunction restraining any such breach or any such threatened breach, without the necessity of showing economic loss and
without any bond or other security being required. The Company shall provide all information and documentation to the Holder that
is requested by the Holder to enable the Holder to confirm the Company’s compliance with the terms and conditions of this
Note.

19.             
PAYMENT OF COLLECTION, ENFORCEMENT AND OTHER COSTS. If (a) this Note is placed in the hands of an attorney for collection
or enforcement or is collected or enforced through any legal proceeding or the Holder otherwise takes action to collect amounts
due under this Note or to enforce the provisions of this Note or (b) there occurs any bankruptcy, reorganization, receivership
of the Company or other proceedings affecting Company creditors’ rights and involving a claim under this Note, then the
Company shall pay the costs incurred by the Holder for such collection, enforcement or action or in connection with such bankruptcy,
reorganization, receivership or other proceeding, including, without limitation, attorneys’ fees and disbursements. The
Company expressly acknowledges and agrees that no amounts due under this Note shall be affected, or limited, by the fact that
the purchase price paid for this Note was less than the original Principal amount hereof.

20.             
CONSTRUCTION; HEADINGS. This Note 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 Note are for convenience of reference and shall not form
part of, or affect the interpretation of, this Note. Terms used in this Note but defined in the other Transaction Documents shall
have the meanings ascribed to such terms on the Initial Closing Date in such other Transaction Documents unless otherwise consented
to in writing by the Holder.

21.             
FAILURE OR INDULGENCE NOT WAIVER. No failure or delay on the part of the Holder in the exercise of any power, right or
privilege hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such power, right or privilege
preclude other or further exercise thereof or of any other right, power or privilege. No waiver shall be effective unless it is
in writing and signed by an authorized representative of the waiving party.

22.             
DISPUTE RESOLUTION. In the case of a dispute as to the determination of the Conversion Price (including, without limitation,
any disputed adjustment thereto), the Company Conversion Price, any Redemption Price, the Closing Bid Price, the Closing Sale
Price or fair market value (as the case may be) or the arithmetic calculation of the Conversion Rate, any Note Reduction or the
applicable Redemption Price (as the case may be), the Company or the Holder (as the case may be) shall submit the disputed determinations
or arithmetic calculations (as the case may be) via facsimile (i) within two (2) Business Days after receipt of the applicable
notice giving rise to such dispute to the Company or the Holder (as the case may be) or (ii) if no notice gave rise to such dispute,
at any time after the Holder learned of the circumstances giving rise to such dispute. If the Holder and the Company are unable
to agree upon such determination or calculation within two (2) Business Days of such disputed determination or arithmetic calculation
(as the case may be) being submitted to the Company or the Holder (as the case may be), then the Company shall, within two (2)
Business Days, submit via facsimile (a) the disputed determination of the Conversion Price, the Company Conversion Price, any
Redemption Price, the Closing Bid Price, the Closing Sale Price or fair market value (as the case may be) to an independent, reputable
investment bank selected by the Company and approved by the Holder or (b) the disputed arithmetic calculation of the Conversion
Rate, any Note Reduction or any Redemption Price (as the case may be) to an independent, outside accountant selected by the Holder
that is reasonably acceptable to the Company. The Company shall cause at its expense the investment bank or the accountant (as
the case may be) to perform the determinations or calculations (as the case may be) and notify the Company and the Holder of the
results no later than ten (10) Business Days from the time it receives such disputed determinations or calculations (as the case
may be). Such investment bank’s or accountant’s determination or calculation (as the case may be) shall be binding
upon all parties absent demonstrable error.

23.             
NOTICES; CURRENCY; PAYMENTS.

(a)               
Notices. Whenever notice is required to be given under this Note, unless otherwise provided herein, such notice shall be
given in accordance with Section 9(f) of the Securities Purchase Agreement. The Company shall provide the Holder with prompt written
notice of all actions taken pursuant to this Note, including in reasonable detail a description of such action and the reason
therefore. Without limiting the generality of the foregoing, the Company will give written notice to the Holder (i) immediately
upon any adjustment of the Conversion Price, setting forth in reasonable detail, and certifying, the calculation of such adjustment
and (ii) at least five (5) Trading 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 Common Stock or (B) for determining rights to vote with respect to any Fundamental Transaction,
dissolution or liquidation, provided in each case that such information shall be made known to the public prior to or in conjunction
with such notice being provided to the Holder.

(b)              
Currency. All dollar amounts referred to in this Note are in United States Dollars (“U.S. Dollars”),
and all amounts owing under this Note shall be paid in U.S. Dollars. All amounts denominated in other currencies (if any) shall
be converted into the U.S. Dollar equivalent amount in accordance with the Exchange Rate on the date of calculation. “Exchange
Rate” means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Note,
the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation (it being understood
and agreed that where an amount is calculated with reference to, or over, a period of time, the date of calculation shall be the
final date of such period of time).

(c)   
Payments. Whenever any payment of cash is to be made by the Company to any Person pursuant to this Note, unless otherwise
expressly set forth herein, such payment shall be made in lawful money of the United States of America by a certified check drawn
on the account of the Company and sent via overnight courier service to such Person at such address as previously provided to
the Company in writing (which address, in the case of the Investor, shall initially be as set forth on the Schedule I attached
to the Securities Purchase Agreement), provided that the Holder may elect to receive a payment of cash via wire transfer of immediately
available funds by providing the Company with prior written notice setting out such request and the Holder’s wire transfer
instructions. Whenever any amount expressed to be due by the terms of this Note is due on any day which is not a Business Day,
the same shall instead be due on the next succeeding day which is a Business Day. Any amount of Principal or other amounts due
under the Transaction Documents which is not paid when due (solely to the extent such amount is not then accruing interest at
the Default Rate) shall result in a late charge being incurred and payable by the Company in an amount equal to interest on such
amount at the rate of sixteen percent (16%) per annum from the date such amount was due until the same is paid in full (“Late
Charge”).

24.             
CANCELLATION. After all Principal, accrued Interest, Late Charges and other amounts at any time owed on this Note have
been paid in full, this Note shall automatically be deemed canceled, shall be surrendered to the Company for cancellation and
shall not be reissued.

25.             
WAIVER OF NOTICE. To the extent permitted by law, the Company hereby irrevocably waives demand, notice, presentment, protest
and all other demands and notices in connection with the delivery, acceptance, performance, default or enforcement of this Note
and the Securities Purchase Agreement.

26.             
GOVERNING LAW. This Note shall be construed and enforced in accordance with, and all questions concerning the construction,
validity, interpretation and performance of this Note shall be governed by, the internal laws of the State of Illinois, without
giving effect to any choice of law or conflict of law provision or rule (whether of the State of Illinois or any other jurisdictions)
that would cause the application of the laws of any jurisdictions other than the State of Illinois. The Company hereby irrevocably
submits to the exclusive jurisdiction of the state and federal courts sitting in Chicago, Illinois, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably
waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to the jurisdiction
of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action
or proceeding is improper. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner
permitted by law. In the event that any provision of this Note is invalid or unenforceable under any applicable statute or rule
of law, then such provision shall be deemed inoperative to the extent that it may conflict therewith and shall be deemed modified
to conform with such statute or rule of law. Any such provision which may prove invalid or unenforceable under any law shall not
affect the validity or enforceability of any other provision of this Note. Nothing contained herein shall be deemed or operate
to preclude the Holder from bringing suit or taking other legal action against the Company in any other jurisdiction to collect
on the Company’s obligations to the Holder, to realize on any collateral or any other security for such obligations, or
to enforce a judgment or other court ruling in favor of the Holder. THE COMPANY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY
HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING
OUT OF THIS NOTE OR ANY TRANSACTION CONTEMPLATED HEREBY.

27.             
MAXIMUM PAYMENTS. Nothing contained herein shall be deemed to establish or require the payment of a rate of interest or
other charges in excess of the maximum permitted by applicable law. In the event that the rate of interest required to be paid
or other charges hereunder exceed the maximum permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Company to the Holder and thus refunded to the Company.

28.             
CERTAIN DEFINITIONS. For purposes of this Note, the following terms shall have the following meanings:

(a)               
“Additional Closing Date” shall have the meaning ascribed to such term in the Securities Purchase Agreement,
which date is the date the Company initially issued Additional Notes (as defined in the Securities Purchase Agreement) pursuant
to the terms of the Securities Purchase Agreement.

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

(c)               
“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.

(d)              
 “Change of Control” means any Fundamental Transaction other than (i) any merger of the Company or any
of its, direct or indirect, wholly-owned Subsidiaries with or into any of the foregoing Persons, (ii) any reorganization, recapitalization
or reclassification of the shares of 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,
or (iii) pursuant to a migratory merger effected solely for the purpose of changing the jurisdiction of incorporation of the Company
or any of its Subsidiaries).

(e)               
 “Closing Bid Price” and “Closing Sale Price” means, for any security as of
any date, the last closing bid price and last closing trade price, respectively, for such security on the Principal Market, as
reported by Bloomberg, or, if the Principal Market begins to operate on an extended hours basis and does not designate the closing
bid price or the closing trade price (as the case may be) then the last bid price or last trade price, respectively, of such security
prior to 4:00:00 p.m., New York time, as reported by Bloomberg, or, if the Principal Market is not the principal securities exchange
or trading market for such security, the last closing bid price or last trade price, respectively, of such security on the principal
securities exchange or trading market where such security is listed or traded as reported by Bloomberg, or if the foregoing do
not apply, the last closing bid price or last trade price, respectively, of such security in the over-the-counter market on the
electronic bulletin board for such security as reported by Bloomberg, or, if no closing bid price or last trade price, respectively,
is reported for such security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any market makers
for such security as reported in the “pink sheets” by OTC Markets Group Inc. (formerly Pink Sheets LLC).

(f)               
“Closing Date” shall have the meaning set forth in the Securities Purchase Agreement, which date is
the date the Company initially issued the Note pursuant to the terms of the Securities Purchase Agreement.

(g)              
“Common Stock” means (i) the Company’s common stock, $0.001 par value per share, and (ii) any
capital stock into which such common stock shall have been changed or any share capital resulting from a reclassification of such
common stock.

(h)              
 “Eligible Market” means the OTC Bulletin Board, The NASDAQ Global Market, The NASDAQ Global Select
Market, The NASDAQ Capital Market, the New York Stock Exchange, NYSE Arca, the NYSE MKT, the OTCQX Marketplace or the OTCQB Marketplace
operated by OTC Markets Group Inc. (or any successor to any of the foregoing).

(i)                
 “Fundamental Transaction” means that (i) the Company or any of its Subsidiaries shall, directly or
indirectly, in one or more related transactions, (1) consolidate or merge with or into (whether or not the Company or any of its
Subsidiaries is the surviving corporation) any other Person, or (2) sell, lease, license, assign, transfer, convey or otherwise
dispose of all or substantially all of its respective properties or assets to any other Person, or (3) allow any other Person
to make a purchase, tender or exchange offer that is accepted by the holders of more than 50% of the outstanding shares of Voting
Stock of the Company (not including any shares of Voting Stock of the Company held by the Person or Persons making or party to,
or associated or affiliated with the Persons making or party to, such purchase, tender or exchange offer), or (4) consummate a
stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization,
spin-off or scheme of arrangement) with any other Person whereby such other Person acquires more than 50% of the outstanding shares
of Voting Stock of the Company (not including any shares of Voting Stock of the Company held by the other Person or other Persons
making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement
or other business combination), or (ii) any “person” or “group” (as these terms are used for purposes
of Sections 13(d) and 14(d) of the 1934 Act and the rules and regulations promulgated thereunder) is or shall become the “beneficial
owner” (as defined in Rule 13d-3 under the 1934 Act), directly or indirectly, of 50% of the aggregate ordinary voting power
represented by issued and outstanding Voting Stock of the Company.

(j)                
“GAAP” means United States generally accepted accounting principles, consistently applied.

(k)              
“Going-Private Event” means any Fundamental Transaction or other event or occurrence after which the
Common Stock of the Company (or its successor) ceases to be registered under the 1934 Act or otherwise a publicly traded corporation
whose common stock is quoted on or listed for trading on an Eligible Market.

(l)                
“Initial Closing Date” shall have the meaning ascribed to such term in the Securities Purchase Agreement,
which date is the date the Company initially issued Initial Notes (as defined in the Securities Purchase Agreement) pursuant to
the terms of the Securities Purchase Agreement.

(m)            
 “Interest Rate” means six percent (6%) per annum, as may be adjusted from time to time
in accordance with Section ‎2.

(n)              
“Maturity Date” shall mean November 23, 2015; provided, however, the Maturity Date may
be extended at the option of the Holder (i) in the event that, and for so long as, an Event of Default shall have occurred and
be continuing or any event shall have occurred and be continuing that with the passage of time and the failure to cure would result
in an Event of Default or (ii) through the date that is twenty (20) Business Days after the consummation of a Fundamental Transaction
in the event that a Fundamental Transaction is publicly announced or a Fundamental Transaction Notice is delivered prior to the
Maturity Date, provided further that if a Holder elects to convert some or all of this Note pursuant to Section ‎3 hereof,
and the Conversion Amount would be limited pursuant to Section ‎3(d) hereunder, the Maturity Date shall automatically be
extended until such time as such provision shall not limit the conversion of this Note.

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

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

(q)              
 “Principal Market” means, as of any date of determination, the principal securities exchange or securities
market on which the Common Stock is then traded.

(r)                
“Redemption Notices” means, collectively, the Event of Default Redemption Notices and the Company Optional
Redemption Notices, and each of the foregoing, individually, a “Redemption Notice.”

(s)               
“Redemption Premium” means (i) in the case of the Events of Default described in Section ‎4(a)
(other than Sections ‎4(a)(iv) through ‎4(a)(vi)), 135% or (ii) in the case of the Events of Default described in
Sections ‎4(a)(iv) through ‎4(a)(vi), 100%.

(t)                
“Redemption Prices” means, collectively, Event of Default Redemption Prices, and the Company Optional
Redemption Prices and each of the foregoing, individually, a “Redemption Price.”

(u)              
“Registration Rights Agreement” means that certain registration rights agreement, dated as of the Initial
Closing Date, by and between the Company and the Holder relating to, among other things, the registration of the resale of the
Common Stock issuable upon conversion of the Notes or otherwise pursuant to the terms of the Notes, as may be amended from time
to time.

(v)              
 “SEC” means the United States Securities and Exchange Commission or the successor thereto.

(w)            
“Securities Purchase Agreement” means that certain Securities Purchase Agreement, dated as of the Initial
Closing Date, by and between the Company and the Holder pursuant to which the Company issued this Note, as may be amended from
time to time.

(x)              
 “Subsidiaries” shall have the meaning as set forth in the Securities Purchase Agreement.

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

(z)               
“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, provided that “Trading Day” shall not include any day
on which the Common Stock is scheduled to trade on such exchange or market for less than 4.5 hours or any day that the Common
Stock is suspended from trading during the final hour of trading on such exchange or market (or if such exchange or market does
not designate in advance the closing time of trading on such exchange or market, then during the hour ending at 4:00:00 p.m.,
New York time) unless such day is otherwise designated as a Trading Day in writing by the Holder.

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

29.             
DISCLOSURE. Upon receipt or delivery by the Company of any notice in accordance with the terms of this Note, unless the
Company has in good faith determined that the matters relating to such notice do not constitute material, non-public information
relating to the Company or any of its Subsidiaries, the Company shall within one (1) Business Day after any such receipt or delivery
publicly disclose such material, non-public information on a Current Report on Form 8-K or otherwise. In the event that the Company
believes that a notice contains material, non-public information relating to the Company or any of its Subsidiaries, the Company
so shall indicate to such Holder contemporaneously with delivery of such notice, and in the absence of any such indication, the
Holder shall be allowed to presume that all matters relating to such notice do not constitute material, non-public information
relating to the Company or its Subsidiaries. Nothing contained in this Section ‎29 shall limit any obligations of the Company,
or any rights of the Holder, under Section 4.3 of the Securities Purchase Agreement.

[signature
page follows]

 

    	 

    	 

    

 

 

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

 

	 	Guided
                                         Therapeutics, Inc.

         

	 	By:/s/
    Gene S. Cartwright
	 	Name:
    Gene S. Cartwright
	 	Title:
    President

 

 

 

 

    	 

    	 

    

 

EXHIBIT
I

GUIDED THERAPEUTICS, INC.

CONVERSION NOTICE

Reference
is made to the Senior Convertible Note (the “Note”) issued to the undersigned by Guided Therapeutics,
Inc., a Delaware corporation (the “Company”). In accordance with and pursuant to the Note, the undersigned
hereby elects to convert the Conversion Amount (as defined in the Note) of the Note indicated below into shares of Common Stock,
$0.001 par value per share (the “Common Stock”), of the Company, as of the date specified below Capitalized
terms not defined herein shall have the meaning as set forth in the Note.

	Date
    of Conversion:	 
	Aggregate
    Principal to be converted:	 
	Aggregate
    accrued and unpaid Interest and accrued and unpaid Late Charges with respect to such portion of the Aggregate Principal and
    such Aggregate Interest to be converted:	 
	AGGREGATE
    CONVERSION AMOUNT

     TO BE CONVERTED:	 
	Please
    confirm the following information:
	Conversion
    Price:	 
	Number
    of shares of Common Stock to be issued:	 
	Please
    issue the Common Stock into which the Note is being converted in the following name and to the following address:
	Issue
    to:	 
	 	 
	 	 
	Facsimile
    Number:	 
	Holder:	 
	By:	 
	Title:	 
	Dated:	 
	Account
    Number:	 
	  (if
    electronic book entry transfer)	 
	Transaction
    Code Number:	 
	(if
                                         electronic book entry transfer)

         
	 
	 	 
	 	 	 	 	 	 	 	 	 	 	 	 

ACKNOWLEDGMENT

The
Company hereby acknowledges this Conversion Notice and hereby directs _________________ to issue the above indicated number of
shares of Common Stock in accordance with the Transfer Agent Instructions dated _____________, 20__ from the Company and acknowledged
and agreed to by ________________________.

 

	Guided
    Therapeutics, Inc.
	By:_________________________________
	Name:
	Title:Exhibit 4.3 

 EXECUTION COPY

FORM
OF WARRANT

NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF
1933, AS AMENDED (THE “SECURITIES ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR
SALE, SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES
ACT OR (B) 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 OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY
SATISFACTORY TO THE COMPANY AND ITS TRANSFER AGENT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES. 

 

GUIDED
THERAPEUTICS, INC.

 

WARRANT
TO PURCHASE COMMON STOCK

 

	 	 	 
	Warrant No. C-____	 	Original Issue
    Date: ____________, 2015

 

Guided
Therapeutics, Inc., a Delaware corporation (the “Company”), hereby certifies that, for value received, ___________
or its permitted registered assigns (the “Holder”), is entitled to purchase from the Company up to a total
of __________ shares of common stock, $0.001 par value per share (the “Common Stock”), of the Company (each
such share, a “Warrant Share” and all such shares, the “Warrant Shares”) at an exercise
price per share equal to the Exercise Price (as defined below), as adjusted from time to time as provided in Section 9,
at any time and from time to time on or after the date hereof (the “Original Issue Date”) and through and including
5:30 P.M., New York City time, on the date that is five (5) years from the Original Issue Date (the “Expiration Date”).
The purchase of the Warrant Shares is further subject to the following terms and conditions:

 

This
Warrant (this “Warrant”) is one of a series of similar warrants issued pursuant to that certain Securities
Purchase Agreement, dated June 29, 2015, by and among the Company and the Purchasers identified therein (the “Purchase
Agreement”). All such Warrants are referred to herein, collectively, as the “Warrants.”

 

1.     Definitions.
In addition to the terms defined elsewhere in this Warrant, capitalized terms that are not otherwise defined herein have the meanings
given to such terms in the Purchase Agreement.

 

2.     Registration
of Warrants. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose
(the “Warrant Register”), in the name of the record Holder (which shall include the initial Holder or, as the
case may be, any registered assignee to which this Warrant is permissibly assigned hereunder) from time to time. The Company may
deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any
distribution to the Holder, and for all other purposes, absent actual notice to the contrary.

 

3.      Registration
of Transfers. Subject to the restrictions on transfer set forth in Section 4.1 of the Purchase Agreement and compliance
with all applicable securities laws, the Company shall register the transfer of all or any portion of this Warrant in the Warrant
Register, upon surrender of this Warrant, with the Form of Assignment attached as Schedule 2 hereto duly completed and
signed, to the Company’s transfer agent or to the Company at its address specified in the Purchase Agreement and (x) delivery,
at the request of the Company, of an opinion of counsel reasonably satisfactory to the Company to the effect that the transfer
of such portion of this Warrant may be made pursuant to an available exemption from the registration requirements of the Securities
Act and all applicable state securities or blue sky laws and (y) delivery by the transferee of a written statement to the Company,
at the Company’s address specified in the Purchase Agreement, (i) certifying that the transferee is an “accredited
investor” as defined in Rule 501(a) under the Securities Act, (ii) making the representations and certifications set forth
in Sections 3.2(b), (c) and (d) of the Purchase Agreement, and (iii) at all times prior to the effectiveness of the Charter Amendment,
agreeing to be bound, as a Purchaser, by Section 14.15 of the Purchase Agreement. Upon any such registration or transfer, a new
warrant to purchase Common Stock in substantially the form of this Warrant (any such new warrant, a “New Warrant”)
evidencing the portion of this Warrant so transferred shall be issued to the transferee, and a New Warrant evidencing the remaining
portion of this Warrant not so transferred, if any, shall be issued to the transferring Holder. The acceptance of the New Warrant
by the transferee thereof shall be deemed the acceptance by such transferee of all of the rights and obligations in respect of
the New Warrant that the Holder has in respect of this Warrant. The Company shall prepare, issue and deliver at its own expense
any New Warrant under this Section 3.

 

4.     Exercise
Price, Exercise and Duration of Warrants.

 

(a)The
“Exercise Price” of this Warrant shall be $0.095 per Warrant Share, subject to adjustment as provided herein.

 

(b)Subject
to Section 14.15 of the Purchase Agreement, all or any part of this Warrant shall be exercisable by the registered Holder in any
manner permitted by Section 10 at any time and from time to time on or after the Original Issue Date and through and including
5:30 P.M. New York City time, on the Expiration Date. At 5:30 P.M., New York City time, on the Expiration Date, the portion of
this Warrant not exercised prior thereto shall be and become void and of no value and this Warrant shall be terminated and no
longer outstanding.

 

(c)The
Holder may exercise this Warrant by delivering to the Company (i) an exercise notice, in the form attached as Schedule 1
(the “Exercise Notice”), completed and duly signed and delivered in accordance with Section 13, and
(ii) payment of the Exercise Price for the number of Warrant Shares as to which this Warrant is being exercised (which may take
the form of a “cashless exercise” if so indicated in the Exercise Notice and if a “cashless exercise”
may occur at such time pursuant to Section 10). The date on which the Exercise Notice is delivered to the Company (as determined
in accordance with the notice provisions hereof) is an “Exercise Date.” No medallion guarantee (or any other
type of guarantee or notarization) or ink-original of any Exercise Notice shall be required for a proper exercise by a Holder
of this Warrant. The delivery by (or on behalf of) the Holder of the Exercise Notice and the applicable Exercise Price as provided
above shall constitute the Holder’s certification to the Company that its representations contained in Sections 3.2(b),
(c) and (d) of the Purchase Agreement are true and correct as of the Exercise Date as if remade in their entirety (or, in the
case of any transferee Holder that is not a party to the Purchase Agreement, such transferee Holder’s certification to the
Company that such representations are true and correct as to such assignee Holder as of the Exercise Date). The Holder shall not
be required to deliver the original Warrant in order to effect an exercise hereunder; provided, however, that the
Holder shall deliver the original Warrant following the exercise by the Holder for the last of the Warrant Shares as to which
such Warrant permits the Holder to purchase, and if the Warrant is not so delivered following such exercise then such exercise
shall constitute an agreement by the Holder to deliver the original Warrant to the Company as soon as practicable thereafter.
Execution and delivery of the Exercise Notice 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.

 

5.     Delivery
of Warrant Shares.

 

(a)
Upon exercise of this Warrant, the Company shall promptly (but in no event later than three (3) Trading Days after the Exercise
Date (“Warrant Exercise Date”), provided that payment of the Exercise Price for the Warrant Shares has
been made in any manner permitted by Section 10 by the close of the second (2nd) Trading Day after the Exercise
Date and further provided that the Exercise Notice has not been withdrawn pursuant to Section 14.15 of the Purchase
Agreement, issue or cause to be issued and cause to be delivered to or upon the written order of the Holder and in such name or
names as the Holder may designate (provided that, if the Registration Statement is not effective and the Holder directs the Company
to deliver a certificate for the Warrant Shares in a name other than that of the Holder or an Affiliate of the Holder, it shall
deliver to the Company on the Exercise Date an opinion of counsel reasonably satisfactory to the Company to the effect that the
issuance of such Warrant Shares in such other name may be made pursuant to an available exemption from the registration requirements
of the Securities Act and all applicable state securities or blue sky laws), (i) a certificate for the Warrant Shares issuable
upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant Shares to the Holder’s account
at the Depository Trust Company (“DTC”) or a similar organization, unless in the case of clause (i) and (ii)
a registration statement covering the resale of the Warrant Shares and naming the Holder as a selling stockholder thereunder is
not then effective and the Warrant Shares are not freely transferable without restriction under Rule 144 under the Securities
Act (such transferability without restriction to be evidenced by an opinion of counsel reasonably satisfactory to the Company)
by Holders who are not affiliates of the Company, in which case such Holder shall receive a certificate for the Warrant Shares
issuable upon such exercise with appropriate restrictive legends. Unless the Holder withdraws the Exercise Notice prior to actual
delivery of the Warrant Shares, the Holder, or any Person permissibly so designated by the Holder to receive Warrant Shares, shall
be deemed to have become the holder of record of such Warrant Shares as of the Exercise Date. If the Warrant Shares are to be
issued free of all restrictive legends, the Company shall, upon the written request of the Holder, use its commercially reasonable
efforts to deliver, or cause to be delivered, Warrant Shares hereunder electronically through DTC or another established clearing
corporation performing similar functions, if available, provided that the Company will not be required to change its transfer
agent if its current transfer agent cannot deliver Warrant Shares electronically through such a clearing corporation. If the Company
fails for any reason to deliver to the Holder the Warrant Shares subject to a validly submitted, and not withdrawn, Notice of
Exercise by the Warrant 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 Notice of Exercise), $10 per Trading Day for each Trading Day after such Warrant Share Delivery Date until such Warrant
Shares are delivered or Holder rescinds such exercise.

 

(b)If
by the close of the third (3rd) Trading Day after the Exercise Date (provided that payment of the Exercise Price
for the Warrant Shares has been made in any manner permitted by Section 10 by the close of the second (2nd)
Trading Day after the Exercise Date and further provided that the Exercise Notice has not been withdrawn pursuant to Section
14.15 of the Purchase Agreement), the Company fails to deliver to the Holder a certificate representing the required number of
Warrant Shares in the manner required pursuant to Section 5(a), and if after such third (3rd) Trading Day and
prior to the receipt of such Warrant Shares, the Holder purchases (in an open market transaction or otherwise) shares of Common
Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such
exercise (a “Buy-In”), the Company shall, within three (3) Business Days after the Holder’s request and
in the Holder’s sole discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total purchase
price (including brokerage commissions and other out-of-pocket expenses, if any) for the shares of Common Stock so purchased (including,
without limitation, by any other Person in respect, or on behalf, of the Holder) (the “Buy-In Price”), at which
point the Company’s obligation to issue and deliver such shares of Common Stock shall terminate, or (ii) promptly honor
its obligation to issue and deliver to the Holder such Warrant Shares and pay cash to the Holder in an amount equal to the excess
(if any) of the Buy-In Price over the product of (A) the number of Warrant Shares that the Company failed to issue and deliver
multiplied by (B) the Closing Bid Price on the Exercise Date.

 

6.     Charges,
Taxes and Expenses. Issuance and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, transfer agent fee or other incidental tax or expense in respect
of the issuance of such certificates, all of which taxes and expenses shall be paid by the Company; provided, however,
that the Company shall not be required to pay any tax that may be payable in respect of any transfer involved in the registration
of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder or an Affiliate thereof. The Holder
shall be responsible for all other tax liability that may arise as a result of holding or transferring this Warrant or receiving
Warrant Shares upon exercise hereof.

 

7.     Replacement
of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the Company shall issue or cause to be issued in exchange
and substitution for and upon cancellation hereof, or in lieu of and substitution for this Warrant, a New Warrant, but only upon
receipt of evidence reasonably satisfactory to the Company of such loss, theft or destruction (in such case) and, in each case,
a customary and reasonable indemnity and surety bond, if requested by the Company. Applicants for a New Warrant under such circumstances
shall also comply with such other reasonable regulations and procedures and pay such other reasonable third-party costs as the
Company may prescribe. If a New Warrant is requested as a result of a mutilation of this Warrant, then the Holder shall deliver
such mutilated Warrant to the Company as a condition precedent to the Company’s obligation to issue the New Warrant.

 

8.     Reservation
of Warrant Shares. Upon the effectiveness of the Charter Amendment and for so long as this Warrant is outstanding, the Company
shall reserve and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely
for the purpose of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant
Shares that are then issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other
contingent purchase rights of persons other than the Holder (taking into account the adjustments and restrictions of Section
9). The Company covenants that its issuance of this Warrant shall constitute full authority to its officers who are charged
with the duty of executing stock certificates to execute and issue the necessary certificates for the Warrant Shares upon the
exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure
that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of the Trading Market upon which the Common Stock may be listed. The Company further covenants that all Warrant Shares so issuable
and deliverable shall, upon issuance and the payment of the applicable Exercise Price in accordance with the terms hereof, be
duly and validly authorized, issued and fully paid and nonassessable. The Company represents and warrants that the Warrant Shares,
when issued and paid for in accordance with the terms of the Transaction Documents and the Warrants, will be issued free and clear
of all security interests, claims, liens and other encumbrances other than restrictions imposed by applicable securities laws.
The Company will take all such action as may be reasonably necessary to assure that such shares of Common Stock may be issued
as provided herein without violation of any applicable law or regulation, or of any requirements of any securities exchange or
automated quotation system upon which the Common Stock may be listed.

 

9.    
Certain Adjustments. The Exercise Price and number of Warrant Shares issuable upon exercise of this Warrant are subject
to adjustment from time to time as set forth in this Section 9.

 

(a)Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding, (i) pays a stock dividend on its Common
Stock or otherwise makes a distribution on any class of capital stock that is payable in shares of Common Stock, (ii) subdivides
its outstanding shares of Common Stock into a larger number of shares, (iii) combines its outstanding shares of Common Stock into
a smaller number of shares or (iv) issues by reclassification of shares of Common Stock any shares of capital stock of the Company,
then in each such case the Exercise Price shall be adjusted to a price determined by multiplying the Exercise Price in effect
immediately prior to the effective date of such event by a fraction, the numerator of which shall be the number of shares of Common
Stock outstanding on such effective date immediately before giving effect to such event and the denominator of which shall be
the number of shares of Common Stock outstanding immediately after giving effect to such event. Any adjustment made pursuant to
clause (i) of this Section 9(a) shall become effective immediately after the record date for the determination of stockholders
entitled to receive such dividend or distribution, and any adjustment pursuant to clause (ii), (iii) or (iv) of this Section
9(a) shall become effective immediately after the effective date of such subdivision, combination or reclassification.

 

(b)
Pro Rata Distributions. If the Company, at any time while this Warrant is outstanding, distributes to all holders of
Common Stock for no consideration (i) evidences of its indebtedness, (ii) any security (other than a distribution of Common Stock
covered by Section 9(a)) or (iii) rights or warrants to subscribe for or purchase any security, or (iv) any other asset,
including cash (in each case, “Distributed Property”), then, upon any exercise of this Warrant that occurs
after the record date fixed for determination of stockholders entitled to receive such distribution, the Holder shall be entitled
to receive, in addition to the Warrant Shares otherwise issuable upon such exercise (if applicable), the Distributed Property
that such Holder would have been entitled to receive in respect of such number of Warrant Shares had the Holder been the record
holder of such Warrant Shares immediately prior to such record date.

 

(c)Fundamental
Transactions. If, at any time while this Warrant is outstanding (i) the Company effects any merger or consolidation of
the Company with or into another Person, in which the Company is not the survivor or the stockholders of the Company immediately
prior to such merger or consolidation do not own, directly or indirectly, at least 50% of the voting securities of the surviving
entity, (ii) the Company effects any sale of all or substantially all of its assets or a majority of its Common Stock is acquired
by a third party, in each case, in one or a series of related transactions, (iii) any tender offer or exchange offer (whether
by the Company or another Person) is completed pursuant to which all or substantially all of the holders of Common Stock are permitted
to tender or exchange their shares for other securities, cash or property, or (iv) the Company effects any reclassification of
the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged
for other securities, cash or property (other than as a result of a subdivision or combination of shares of Common Stock covered
by Section 9(a)) (in any such case, a “Fundamental Transaction”), then the Holder shall have the right
thereafter to receive, upon exercise of this Warrant, the same amount and kind of securities, cash or property as it would have
been entitled to receive upon the occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental
Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this Warrant without regard to
any limitations on exercise contained herein (the “Alternate Consideration”), and the Holder shall no longer
have the right to receive Warrant Shares upon exercise of this Warrant. The Company shall not effect any such Fundamental Transaction
unless prior to or simultaneously with the consummation thereof, any successor to the Company, surviving entity or the corporation
purchasing or otherwise acquiring such assets or other appropriate corporation or Person shall assume the obligation to deliver
to the Holder, such Alternate Consideration as, in accordance with the foregoing provisions, the Holder may be entitled to receive,
and the other obligations under this Warrant. The provisions of this Section 9(c) shall similarly apply to subsequent
transactions of an analogous type to any Fundamental Transaction. Notwithstanding the foregoing, in the event of a Fundamental
Transaction that is (1) a transaction where the consideration paid to the holders of the Common Stock consists of cash, (2) a
“Rule 13e-3 transaction” as defined in Rule 13e-3 under the Securities Exchange Act of 1934, as amended (the “Exchange
Act”), or (3) a Fundamental Transaction in which the Holder would otherwise be entitled to receive securities of a person
or entity not traded on the New York Stock Exchange, the NYSE Amex Equities (formerly the American Stock Exchange), the NASDAQ
Global Select Market, the NASDAQ Global Market, the NASDAQ Capital Market or the OTC Bulletin Board, at the request of the Holder
delivered before the sixtieth (60th) day after such Fundamental Transaction, the Company (or the successor entity to
the Company) shall purchase this Warrant from the Holder by paying to the Holder, within five (5) Trading Days after such request
(or, if later, on the effective date of the Fundamental Transaction), cash in an amount equal to the Black Scholes Value of the
remaining unexercised portion of this Warrant on the date of such Fundamental Transaction. Any Holder that receives cash pursuant
to the immediately preceding sentence shall not receive any Alternative Consideration. For purposes hereof, “Black Scholes
Value” means the value of the Warrant based on the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg determined as of the day immediately following the public announcement of the applicable Fundamental Transaction
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 and (ii) an expected volatility equal to the greater of (A) one hundred percent (100%)
and (B) the one hundred and eighty (180) day volatility obtained from the HVT function on Bloomberg determined as of the Trading
Day immediately prior to the announcement of the Fundamental Transaction.

 

(d)
Number of Warrant Shares. Simultaneously with any adjustment to the Exercise Price pursuant to Section 9(a),
the number of Warrant Shares that may be purchased upon exercise of this Warrant shall be increased or decreased proportionately,
so that after such adjustment the aggregate Exercise Price payable hereunder for the increased or decreased number of Warrant
Shares shall be the same as the aggregate Exercise Price in effect immediately prior to such adjustment.

 

(e)Subsequent
Issuances

 

(i)
For so long as this Warrant is outstanding, if the Company shall issue or sell any shares of Common Stock (as actually issued
or, pursuant to Section 9(e)(ii), deemed to be issued) for a consideration per share less than the Exercise Price in effect
immediately prior to such issue or sale, then immediately upon such issue or sale the Exercise Price shall automatically be adjusted
to a price equal to the price paid per share in such sale or issue; provided, however, that in no event shall the
Exercise Price be adjusted to a price less than $0.50 per share (as the same may be adjusted for any actions described in Sections
9(a) and 9(b):

 

(ii)
Section 9(e)(i) shall not apply to Exempt Issuances (as defined in the Certificate of Designations).

 

(iii)
For the purposes of Section 9(e)(i), the following clauses (A) to (C), inclusive, shall also be applicable:

 

(A)In
case at any time the Company shall grant any rights to subscribe for, or any rights or options to purchase, Common Stock Equivalents,
whether or not such rights or options or the right to convert or exchange any such Common Stock Equivalents are immediately exercisable,
and the price per share for which Common Stock is issuable upon the exercise of such rights or options or upon conversion or exchange
of such Common Stock Equivalents (determined by dividing (x) the total amount, if any, received or receivable by the Company as
consideration for the granting of such rights or options, plus the minimum aggregate amount of additional consideration payable
to the Company upon the exercise of such rights or options, plus, in the case of any such rights or options which relate to such
Common Stock Equivalents, the minimum aggregate amount of additional consideration, if any, payable upon the issue or sale of
such Common Stock Equivalents and upon the conversion or exchange thereof, by (y) the total maximum number of shares of Common
Stock issuable upon the exercise of such rights or options or upon the conversion or exchange of all such Common Stock Equivalents
issuable upon the exercise of such rights or options) shall be less than the Exercise Price in effect immediately prior to the
time of the granting of such rights or options, then the total maximum number of shares of Common Stock issuable upon the exercise
of such rights or options or upon conversion or exchange of the total maximum amount of such Common Stock Equivalents issuable
upon the exercise of such rights or options shall (as of the date of granting of such rights or options) be deemed to be outstanding
and to have been issued for such price per share.

(B)In
case at any time the Company shall issue or sell any Common Stock Equivalents, whether or not the rights to exchange or convert
thereunder are immediately exercisable, and the price per share for which Common Stock is issuable upon such conversion or exchange
(determined by dividing (x) the total amount received or receivable by the Company as consideration for the issue or sale of such
Common Stock Equivalents, plus the minimum aggregate amount of additional consideration, if any, payable to the Company upon the
conversion or exchange thereof, by (y) the total maximum number of shares of Common Stock issuable upon the conversion or exchange
of all such Common Stock Equivalents) shall be less than the Exercise Price in effect immediately prior to the time of such issue
or sale, then the total maximum number of shares of Common Stock issuable upon conversion or exchange of such Common Stock Equivalents
shall (as of the date of the issue or sale of such Common Stock Equivalents) be deemed to be outstanding and to have been issued
for such price per share, provided that if any such issue or sale of such Common Stock Equivalents is made upon exercise of any
rights to subscribe for or to purchase or any option to purchase any such Common Stock Equivalents for which adjustments of the
conversion price have been or are to be made pursuant to other provisions of this Section 9(e), no further adjustment of
the conversion price shall be made by reason of such issue or sale.

(C)In
case at any time any shares of Common Stock or Common Stock Equivalents or any rights or options to purchase any such Common Stock,
or Common Stock Equivalents shall be issued or sold for cash, the consideration received therefor shall be deemed to be the amount
received by the Company therefor. In case any shares of Common Stock or Common Stock Equivalents or any rights or options to purchase
any such Common Stock or Common Stock Equivalents shall be issued or sold for a consideration other than cash, the amount of the
consideration other than cash received by the Company shall be deemed to be the fair value of such consideration as determined
by the board of directors.

(f)
Calculations. All calculations under this Section 9 shall be made to the nearest cent or the nearest share,
as applicable. The number of shares of Common Stock outstanding at any given time shall not include shares owned or held by or
for the account of the Company.

 

(g)
Notice of Adjustments. Upon the occurrence of each adjustment pursuant to this Section 9, the Company at its
expense will, at the written request of the Holder, promptly compute such adjustment, in good faith, in accordance with the terms
of this Warrant and prepare a certificate setting forth such adjustment, including a statement of the adjusted Exercise Price
and adjusted number or type of Warrant Shares or other securities issuable upon exercise of this Warrant (as applicable), describing
the transactions giving rise to such adjustments and showing in reasonable detail the facts upon which such adjustment is based.
Upon written request, the Company will promptly deliver a copy of each such certificate to the Holder and to the Company’s
transfer agent.

 

(h)
Notice of Corporate Events. If, while this Warrant is outstanding, the Company (i) declares a dividend or any other
distribution of cash, securities or other property in respect of its Common Stock, including, without limitation, any granting
of rights or warrants to subscribe for or purchase any capital stock of the Company or any subsidiary, (ii) authorizes or approves,
enters into any agreement contemplating or solicits stockholder approval for any Fundamental Transaction or (iii) authorizes the
voluntary dissolution, liquidation or winding up of the affairs of the Company, then, except if such notice and the contents thereof
shall be deemed to constitute material non-public information, the Company shall deliver to the Holder a notice of such transaction
at least ten (10) Trading Days prior to the applicable record or effective date on which a Person would need to hold Common Stock
in order to participate in or vote with respect to such transaction; provided, however, that the failure to deliver such
notice or any defect therein shall not affect the validity of the corporate action required to be described in such notice. To
the extent that any notice provided hereunder constitutes, or contains, material, non-public information regarding the Company
or any of its subsidiaries, the Company shall simultaneously file such notice with the Commission pursuant to a Current Report
on Form 8-K.

 

10.     
Payment of Exercise Price. The Holder shall pay the Exercise Price in immediately available funds; provided, however,
that if, on any Exercise Date after the Effectiveness Deadline there is not an effective Registration Statement registering, or
no current prospectus available for, the resale of the Warrant Shares by the Holder, then the Holder may, in its sole discretion,
satisfy its obligation to pay the Exercise Price through a “cashless exercise”, in which event the Company shall issue
to the Holder the number of Warrant Shares determined as follows:

 

X
= Y [(A-B)/A]

 

where:

 

“X”
equals the number of Warrant Shares to be issued to the Holder;

 

“Y”
equals the total number of Warrant Shares with respect to which this Warrant is being exercised;

 

           “A”
equals the Closing Sale Price of the shares of Common Stock for the Trading Day immediately preceding the Exercise Date; and

 

“B”
equals the Exercise Price then in effect for the applicable Warrant Shares at the time of such exercise.

 

For
purposes of Rule 144 promulgated under the Securities Act, it is intended, understood and acknowledged that the Warrant Shares
issued in a “cashless exercise” transaction shall be deemed to have been acquired by the Holder, and the holding period
for the Warrant Shares shall be deemed to have commenced, on the date this Warrant was originally issued pursuant to the Purchase
Agreement (provided that the Commission continues to take the position that such treatment is proper at the time of such exercise).

 

11.
     Beneficial Ownership Limitations. Notwithstanding anything to the contrary contained herein, the number of Warrant
Shares that may be acquired by the Holder upon any exercise of this Warrant (or otherwise in respect hereof) shall be limited
to the extent necessary to ensure that, following such exercise (or other issuance), the total number of shares of Common Stock
then beneficially owned by the Holder and its Affiliates and any other Persons whose beneficial ownership of Common Stock would
be aggregated with the Holder’s for purposes of Section 13(d) of the Exchange Act, does not exceed 4.99% of the total number
of then issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such
exercise), it being acknowledged by the Holder that the Company is not representing to such Holder that such calculation is in
compliance with Section 13(d) of the Exchange Act and such Holder is solely responsible for any schedules required to be filed
in accordance therewith. To the extent that the limitation contained in this Section 11 applies, the determination of whether
this Warrant is exercisable (in relation to other securities owned by such Holder) and of which a portion of this Warrant is exercisable
shall be in the sole discretion of a Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s
determination of whether this Warrant is exercisable (in relation to other securities owned by such Holder) and of which portion
of this Warrant is exercisable, in each case subject to such aggregate percentage limitation, and the Company shall have no obligation
to verify or confirm the accuracy of such determination. In addition, a determination as to any group status as contemplated above
shall be determined in accordance with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder.
For purposes of this Section 11, in determining the number of outstanding shares of Common Stock, the Holder may rely on
the number of outstanding shares of Common Stock as reflected in (x) the Company’s most recent Form 10-Q or Form 10-K, as
the case may be, (y) a more recent public announcement by the Company or (z) any other notice by the Company or the Transfer Agent
setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within
three (3) Trading Days confirm orally and in writing to such Holder the number of shares of Common Stock then outstanding. This
provision shall not restrict the number of shares of Common Stock which a Holder may receive or beneficially own in order to determine
the amount of securities or other consideration that such Holder may receive in the event of a Fundamental Transaction as contemplated
in Section 9. By written notice to the Company, which will not be effective until the sixty-first (61st) day
after such notice is delivered to the Company, the Holder may waive the provisions of this Section 11 (but such waiver
will not affect any other holder) to change the beneficial ownership limitation to 9.99% of the number of shares of the Common
Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant, and
the provisions of this Section 11 shall continue to apply. Upon such a change by a Holder of the beneficial ownership limitation
from such 4.99% limitation to such 9.99% limitation, the beneficial ownership limitation may not be further waived by such Holder.

 

12.     
No Fractional Shares. No fractional Warrant Shares will be issued in connection with any exercise of this Warrant.
In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to be issued shall be rounded
down to the next whole number and the Company shall pay the Holder in cash the fair market value (based on the Closing Sale Price)
for any such fractional shares.

 

13.
     Notices. . Whenever notice is required to be given under this Warrant, unless otherwise provided herein, such notice
shall be given in accordance with Section 6.3 of the Purchase Agreement.

 

14.
     Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty (30) days’ notice to
the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any new warrant agent may be
merged or any corporation resulting from any consolidation to which the Company or any new warrant agent shall be a party or any
corporation to which the Company or any new warrant agent transfers substantially all of its corporate trust or shareholders services
business shall be a successor warrant agent under this Warrant without any further act. Any such successor warrant agent shall
promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage prepaid) to the Holder at
the Holder’s last address as shown on the Warrant Register.

 

15.
    Miscellaneous.

 

(a)No
Rights as a Stockholder. 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 share capital 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 stockholder of the Company or any right to vote, give or withhold consent to any corporate action (whether
any reorganization, issue of stock, reclassification of stock, consolidation, merger, amalgamation, 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 stockholder of the Company, whether such liabilities are asserted by the Company or by creditors
of the Company.

 

(b)No
Impairment.

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

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

(c)Successors
and Assigns. Subject to the restrictions on transfer set forth in this Warrant and in Section 4.1 of the Purchase Agreement,
and compliance with applicable securities laws, this Warrant may be assigned by the Holder. This Warrant may not be assigned by
the Company without the written consent of the Holder except to a successor in the event of a Fundamental Transaction. This Warrant
shall be binding on and inure to the benefit of the Company and the Holder and their respective successors and assigns. Subject
to the preceding sentence, nothing in this Warrant shall be construed to give to any Person other than the Company and the Holder
any legal or equitable right, remedy or cause of action under this Warrant.

 

(d)Amendment
and Waiver. Except as expressly provided in this Warrant, no provision of this Warrant may be waived, modified, supplemented
or amended except in a written instrument signed by the Company and the Holder. No waiver of any default with respect to any provision,
condition or requirement of this Warrant shall be deemed to be a continuing waiver in the future or a waiver of any subsequent
default or a waiver of any other provision, condition or requirement hereof, nor shall any delay or omission of either party to
exercise any right hereunder in any manner impair the exercise of any such right.

 

(e)Acceptance.
Receipt of this Warrant by the Holder shall constitute acceptance of and agreement to all of the terms and conditions contained
herein.

 

(f)
Headings. The headings herein are for convenience only, do not constitute a part of this Warrant and shall not be deemed
to limit or affect any of the provisions hereof.

 

(g)
Severability. In case any one or more of the provisions of this Warrant shall be invalid or unenforceable in any respect,
the validity and enforceability of the remaining terms and provisions of this Warrant shall not in any way be affected or impaired
thereby, and the Company and the Holder will attempt in good faith to agree upon a valid and enforceable provision which shall
be a commercially reasonable substitute therefor, and upon so agreeing, shall incorporate such substitute provision in this Warrant.

 

(h)Governing
Law. This Warrant shall be governed by, and construed in accordance with, the laws of the State of New York, regardless of
the laws that might otherwise govern under applicable principles of conflicts of law.

 

(i)
Dispute Resolution. The parties (a) hereby irrevocably and unconditionally submit to the jurisdiction of the state
courts of the State of North Carolina and to the jurisdiction of the United States District Court for the Eastern District of
North Carolina for the purpose of any suit, action or other proceeding arising out of or based upon this Warrant, (b) agree not
to commence any suit, action or other proceeding arising out of or based upon this Agreement except in the state courts of the
State of North Carolina or the United States District Court for the Eastern District of North Carolina, and (c) hereby waive,
and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that
it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment
or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding
is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

WAIVER
OF JURY TRIAL: EACH PARTY HEREBY WAIVES ITS RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF
THIS WARRANT, THE OTHER TRANSACTION DOCUMENTS, THE SECURITIES ISSUED PURSUANT THERETO OR THE SUBJECT MATTER HEREOF OR THEREOF.
THE SCOPE OF THIS WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE
TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING, WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS (INCLUDING NEGLIGENCE),
BREACH OF DUTY CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. THIS SECTION HAS BEEN FULLY DISCUSSED BY EACH OF THE PARTIES
HERETO AND THESE PROVISIONS WILL NOT BE SUBJECT TO ANY EXCEPTIONS. EACH PARTY HERETO HEREBY FURTHER WARRANTS AND REPRESENTS THAT
SUCH PARTY HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL
RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL.

 

 

[REMAINDER
OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

 

    	 

    	 

    

 

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

 

	 	 	 	 
	 	 	 	GUIDED THERAPEUTICS, INC.
	 	 	 	 	 
	 	 	 	By: __________________________
	 	 	 	Name:
	 	 	 	Title:
	 	 	 	 	 	 

 

 

 

 

 

 

    	 

    	 

    

 

SCHEDULE
1

 

GUIDED
THERAPEUTICS, INC.

 

FORM
OF EXERCISE NOTICE

 

[To
be executed by the Holder to purchase shares of Common Stock under the Warrant]

 

Ladies
and Gentlemen:

 

(1)    The
undersigned is the Holder of Warrant No. __________ (the “Warrant”) issued by Guided Therapeutics, Inc., a
Delaware corporation (the “Company”). Capitalized terms used herein and not otherwise defined herein have the
respective meanings set forth in the Warrant.

 

(2)     The
undersigned hereby exercises its right to purchase __________ Warrant Shares pursuant to the Warrant.

 

(3)     The
Holder intends that payment of the Exercise Price shall be made as (check one):

 

[
 ]        Cash Exercise

 

[  ]       “Cashless
Exercise” under Section 10 of the Warrant

 

(4)     If
the Holder has elected a Cash Exercise, the Holder shall pay the sum of $___________ in immediately available funds to the Company
in accordance with the terms of the Warrant.

 

(5)     Pursuant
to this Exercise Notice, the Company shall deliver to the Holder Warrant Shares determined in accordance with the terms of the
Warrant.

 

(6)     By
its delivery of this Exercise Notice, the undersigned represents and warrants to the Company that in giving effect to the exercise
evidenced hereby the Holder will not beneficially own in excess of the number of shares of Common Stock (as determined in accordance
with Section 13(d) of the Securities Exchange Act of 1934, as amended) permitted to be owned under Section 11 of the Warrant
to which this notice relates.

 

 

Dated:____________________

Name
of Holder: ___________________________

By:__________________________________

Name: _______________________________

Title: _______________________________

(Signature
must conform in all respects to name of Holder as specified on the face of the Warrant)

 

 

    	 

    	 

    

 

 

SCHEDULE
2

 

GUIDED
THERAPEUTICS, INC.

 

FORM
OF ASSIGNMENT

 

[To
be completed and executed by the Holder only upon transfer of the Warrant]

 

FOR
VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto (the “Transferee”) the right represented
by the within Warrant to purchase shares of Common Stock of Guided Therapeutics, Inc., a Delaware corporation (the “Company”),
to which the within Warrant relates and appoints attorney to transfer said right on the books of the Company with full power of
substitution in the premises. In connection therewith, the undersigned represents, warrants, covenants and agrees to and with
the Company that:

 

		(a)	the
                                         offer and sale of the Warrant contemplated hereby is being made in compliance with Section
                                         4(a)(1) of the United States Securities Act of 1933, as amended (the “Securities
                                         Act”), or another valid exemption from the registration requirements of Section
                                         5 of the Securities Act and in compliance with all applicable securities laws of the
                                         states of the United States;

		(b)	the
                                         undersigned has not offered to sell the Warrant by any form of general solicitation or
                                         general advertising, including, but not limited to, any advertisement, article, notice
                                         or other communication published in any newspaper, magazine or similar media or broadcast
                                         over television or radio, and any seminar or meeting whose attendees have been invited
                                         by any general solicitation or general advertising;

		(c)	the
                                         undersigned has read the Transferee’s investment letter included herewith, and
                                         to its actual knowledge, the statements made therein are true and correct; and

		(d)	the
                                         undersigned understands that the Company may condition the transfer of the Warrant contemplated
                                         hereby upon the delivery to the Company by the undersigned or the Transferee, as the
                                         case may be, of a written opinion of counsel (which opinion shall be in form, substance
                                         and scope reasonably satisfactory to the Company and customary for opinions of counsel
                                         in comparable transactions) to the effect that such transfer may be made without registration
                                         under the Securities Act and under applicable securities laws of the states of the United
                                         States.

	Dated:
    ____________ ___	 	 

         

	 	 	(Signature must
    conform in all respects to name of holder as specified on the face of the Warrant)
	 	 	 

         

	 	 	Address of Transferee
	 	 	 

         

	 	 	 

         

	In the presence of:

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