Document:

Exhibit 4.1

 

VISIONCARE, INC.

 

2015 EQUITY INCENTIVE PLAN

 

As Adopted by the Board and Stockholders on
December 8, 2015

 

1.           PURPOSE.
  The purpose of this Plan is to provide incentives to attract, retain and motivate eligible persons whose present and potential contributions
are important to the success of the Company, its Parent and Subsidiaries, by offering them an opportunity to participate in the Company’s
future performance through Awards. Capitalized terms not defined in the text are defined in Section 23. Awards may be either Restricted
Stock or Options. Options granted under the Plan may be ISOs (as defined in Section 5 hereof) or NQSOs (as defined in Section 5
hereof), as determined by the Committee at the time of grant of an Option and subject to the applicable provisions of Section 422
of the Code and the regulations promulgated thereunder. This Plan is intended to be a written compensatory benefit plan within the meaning
of Rule 701 promulgated under the Securities Act.

 

2.            SHARES
SUBJECT TO THE PLAN.

 

2.1.       Number
of Shares Available.  Subject to Sections 2.2 and 16, the total number of Shares reserved and available for grant and issuance
pursuant to this Plan will be 1,588,235 Shares or such lesser number of Shares as permitted under Section 260.140.45 of Title 10
of the California Code of Regulations. Subject to Sections 2.2, 5.10 and 16, Shares subject to Awards previously granted will again be
available for grant and issuance in connection with future Awards under this Plan to the extent such Shares: (i) cease to be subject
to issuance upon exercise of an Option, other than due to the exercise of such Option; or (ii) are issued upon exercise of an Award
but are forfeited or repurchased by the Company. At all times the Company will reserve and keep available a sufficient number of Shares
as will be required to satisfy the requirements of all Awards granted and outstanding under this Plan. Notwithstanding the foregoing,
in no event shall the total number of Shares issued (counting each reissuance of a Share that was actually issued and then forfeited or
repurchased by the Company as a separate issuance) under the Plan upon exercise of ISOs exceed 5,000,000 Shares (adjusted in accordance
with Sections 2.2 and 16 hereof) over the term of the Plan.

 

2.2.        Adjustment
of Shares.  In the event that the number of outstanding shares of the Company’s Common Stock is changed by a
stock dividend, recapitalization, stock split, reverse stock split, subdivision, combination, reclassification or similar change in
the capital structure of the Company without consideration, consolidation, subdivision of the Shares, a rights offering, a
reorganization, merger, spin-off, or split-up, then (i) the number of Shares reserved for issuance under this Plan;
(ii) the Exercise Prices of and number of Shares subject to outstanding Options and (iii) any repurchase price per Share
applicable to Shares issued pursuant to any Award, will be proportionately adjusted, subject to any required action by the Board or
the stockholders of the Company and compliance with applicable securities laws; provided, however, that fractions of a Share will
not be issued but will either be paid in cash at the Fair Market Value of such fraction of a Share or will be rounded down to the
nearest whole Share, as determined by the Committee and provided, further, that the Exercise Price of any Option may not be
decreased to below the par value of the Shares.

 

     

     

    

 

3.           ELIGIBILITY.
  ISOs may be granted only to employees (including officers and directors who are also employees) of the Company or of a Parent or Subsidiary
of the Company. Restricted Stock or NQSO’s may be granted to employees, officers, directors and consultants of the Company or any
Parent or Subsidiary of the Company. Consultants need not be individuals provided that the issuances to such consultant is in compliance
with all Applicable Laws. A person may be granted more than one Award under this Plan.

 

4.           ADMINISTRATION.

 

4.1.       Committee
Authority.  This Plan will be administered by the Board, though the Board may appoint a Committee to which it delegates
such administration. If the Board has not appointed a Committee to administer the Plan, the Board itself shall serve as the Committee.
The Plan may be administered by different administrative bodies with respect to different classes of Participants. Subject to the general
purposes, terms and conditions of this Plan, and to the direction of the Board, the Committee will have full power to implement and carry
out this Plan. Without limitation, the Committee will have the authority to:

 

4.1.1.     determine
the Fair Market Value of the Common Stock;

 

4.1.2.    construe
and interpret this Plan, any Option Agreement (as defined in Section 5.1 hereof) or Restricted Stock Purchase Agreement and any other
agreement or document executed pursuant to this Plan, which constructions, interpretations and decisions shall be final and binding on
all Participants;

 

4.1.3.     prescribe,
amend and rescind rules and regulations relating to this Plan;

 

4.1.4.     approve
persons to receive Awards;

 

4.1.5.     determine
the number of Shares or other consideration subject to Awards;

 

4.1.6.     determine
whether Awards will be granted singly, in combination with, in tandem with, in replacement of, or as alternatives to, other Awards under
this Plan or awards under any other incentive or compensation plan of the Company or any Parent or Subsidiary of the Company;

 

4.1.7.     grant
waivers of any conditions of this Plan or any Award;

 

4.1.8.    determine
the form and terms, not inconsistent with the terms of the Plan, of any Awards granted hereunder and other related documents used
under the Plan, which terms and conditions include but are not limited to the exercise or purchase price, the time or times when
Awards may be exercised (which may be based on performance criteria), the circumstances (if any) when vesting will be accelerated or
forfeiture restrictions will be waived, and any restriction or limitation regarding, any Award;

 

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4.1.9.     correct
any defect, supply any omission, or reconcile any inconsistency in this Plan, any Award, any Option Agreement, any Exercise Agreement,
or any Restricted Stock Purchase Agreement;

 

4.1.10.   determine
whether an Award has been earned;

 

4.1.11.  determine
whether and under what circumstances an Award may be settled in cash under Section 13 below instead of Common Stock;

 

4.1.12.  implement
an Option Exchange Program and establish the terms and conditions of such Option Exchange Program, provided that no amendment or adjustment
to an Option that would materially and adversely affect the rights of any Participant shall be made without his or her consent;

 

4.1.13.   make
all other determinations necessary or advisable for the administration of this Plan; and

 

4.1.14.   extend
the vesting period beyond a Participant’s Termination Date.

 

4.2.       Committee
Discretion.  Unless in contravention of any express terms of this Plan or any Award, any determination made by the Committee
with respect to any Award will be made in its sole discretion either (i) at the time of grant of the Award, or (ii) subject
to Section 5.9 hereof, at any later time. Any such determination will be final and binding on the Company and on all persons having
an interest in any Award under this Plan. The Committee may delegate to one or more officers of the Company the authority to grant Awards
under this Plan, provided such officer or officers are members of the Board.

 

4.3.       Indemnification.
  To the maximum extent permitted by Applicable Laws, each member of the Committee (including officers of the Company, if
applicable), or of the Board, as applicable, shall be indemnified and held harmless by the Company against and from (i) any
loss, cost, liability, or expense that may be imposed upon or reasonably incurred by him or her in connection with or resulting from
any claim, action, suit, or proceeding to which he or she may be a party or in which he or she may be involved by reason of any
action taken or failure to act under the Plan or pursuant to the terms and conditions of any Award except for actions taken in bad
faith or failures to act in good faith, and (ii) any and all amounts paid by him or her in settlement thereof, with the
Company’s approval, or paid by him or her in satisfaction of any judgment in any such claim, action, suit, or proceeding
against him or her, provided that such member shall give the Company an opportunity, at its own expense, to handle and defend any
such claim, action, suit, or proceeding before he or she undertakes to handle and defend it on his or her own behalf. The foregoing
right of indemnification shall not be exclusive of any other rights of indemnification to which such persons may be entitled under
the Company’s Articles of Incorporation, Certificate of Incorporation or Bylaws, by contract, matter of law, or otherwise, or
under any other power that the Company may have to indemnify or hold harmless each such person.

 

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5.           OPTIONS.
  The Committee may grant Options to eligible persons described in Section 3 hereof and will determine whether such Options
will be Incentive Stock Options within the meaning of the Code (the “ISOs”) or Nonqualified Stock Options
(the “NQSOs”), the number of Shares subject to the Option, the Exercise Price of the Option, the period
during which the Option may be exercised, and all other terms and conditions of the Option, subject to the following:

 

5.1.        Form of
Option Grant.  Each Option granted under this Plan will be evidenced by an Option Agreement which will expressly identify
the Option as an ISO or an NQSO, and will be in such form and contain such provisions (which need not be the same for each Participant)
as the Committee may from time to time approve, and which will comply with and be subject to the terms and conditions of this Plan.

 

5.2.        Date
of Grant.  The date of grant of an Option will be the date on which the Committee makes the determination to grant such
Option, unless a later date is otherwise specified by the Committee. The Option Agreement and a copy of this Plan will be delivered to
the Participant within a reasonable time after the granting of the Option.

 

5.3.         Exercise
Period.  Options may be exercisable immediately but shares so exercised prior to becoming Vested Shares shall be subject
to repurchase pursuant to Section 5.12 hereof or may be exercisable within the times or upon the events determined by the Committee
as set forth in the Option Agreement governing such Option; provided, however, that no Option will be exercisable after the expiration
of ten (10) years from the date the Option is granted; and provided further that no ISO granted to a person who immediately prior
to the grant of such ISO directly or by attribution owns more than ten percent (10%) of the total combined voting power of all classes
of stock of the Company or of any Parent or Subsidiary of the Company (the “Ten Percent Stockholder”) will be
exercisable after the expiration of five (5) years from the date the ISO is granted. The Committee also may provide for Options to
become exercisable at one time or from time to time, periodically or otherwise, in such number of Shares or percentage of Shares as the
Committee determines.

 

5.4.        Exercise
Price.  The Exercise Price of an Option will be determined by the Committee when the Option is granted; provided that (i) the
Exercise Price of an ISO will not be less than one hundred percent (100%) of the Fair Market Value of the Shares on the date of grant
and (ii) the Exercise Price of any Option granted to a Ten Percent Stockholder will not be less than one hundred ten percent (110%)
of the Fair Market Value of the Shares on the date of grant. In the case of an NQSO, the per share exercise price shall be such price
that is determined by the Committee, provided that, if the per Share exercise price is less than 100% of the Fair Market Value on the
date of grant, it shall otherwise comply with all Applicable Laws, including Section 409A of the Code. Payment for the Shares purchased
must be made in accordance with Section 7 hereof.

 

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5.5.        Method
of Exercise.  Options may be exercised only by delivery to the Company of a written stock option exercise agreement (the
 “Exercise Agreement”) in a form approved by the Committee (which need not be the same for each Participant).
The Exercise Agreement will state (i) the number of Shares being purchased, (ii) such representations and agreements regarding
Participant’s investment intent and access to information and other matters, if any, as may be required or desirable by the Company
to comply with applicable securities laws, and (iii) any repurchase terms attributable to unvested Shares that have been exercised.
Participant shall execute and deliver to the Company the Exercise Agreement together with payment in full of the Exercise Price, and any
applicable taxes, for the number of Shares being purchased. Options may not be exercised for a fraction of a share.

 

5.6.        Termination.
  Subject to earlier termination pursuant to Sections 16 or 17 hereof and notwithstanding the exercise periods set forth in the Option Agreement,
exercise of an Option will always be subject to the following:

 

5.6.1.      If
the Participant (or other person entitled to exercise the Option) does not exercise the Option to the extent so entitled within the time
specified below, the Option shall terminate and the Shares underlying the unexercised portion of the Option shall revert to the Plan.
In no event may any Option be exercised after the expiration of the Option term as set forth in the Option Agreement (and subject to Section 5.3
above).

 

5.6.2.      If
the Participant is Terminated for any reason other than death, Disability or for Cause, then the Participant may exercise such Participant’s
Options only to the extent that such Options are exercisable upon the Termination Date or as otherwise determined by the Committee. Such
Options must be exercised by the Participant, if at all, as to all or some of the Vested Shares calculated as of the Termination Date
or such other date determined by the Committee, within ninety (90) days after the Termination Date (or within such shorter time period,
not less than thirty (30) days, or within such longer time period, not exceeding five (5) years after the Termination Date as may
be determined by the Committee, with any exercise beyond ninety (90) days after the Termination Date deemed to be an NQSO) but in any
event, no later than the expiration date of the Options.

 

5.6.3.      If
the Participant is Terminated because of Participant’s death or Disability (or the Participant dies within ninety (90) days after
a Participant’s Termination other than for Cause), then Participant’s Options may be exercised, only to the extent that such
Options are exercisable by Participant on the Termination Date or as otherwise determined by the Committee. Such Options must be exercised
by Participant (or Participant’s legal representative or authorized assignee), if at all, as to all or some of the Vested Shares
calculated as of the Termination Date or such other date determined by the Committee, within twelve (12) months after the Termination
Date (or within such shorter time period, not less than six (6) months, or within such longer time period not exceeding five (5) years
after the Termination Date as may be determined by the Committee, with any exercise beyond (i) ninety (90) days after the Termination
Date when the Termination is for any reason other than the Participant’s death or Disability, or (ii) twelve (12) months after
the Termination Date when the Termination is for Participant’s Disability, deemed to be an NQSO) but in any event no later than
the expiration date of the Options.

 

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5.6.4.     The
Committee shall have the discretion to determine whether and to what extent the vesting of Options shall be tolled during any unpaid leave
of absence; provided, however, in the absence of such determination, such vesting shall be tolled during any such unpaid leave (unless
otherwise required by Applicable Laws). Notwithstanding the foregoing, in the event of military leave, vesting shall toll during any unpaid
portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions that would entitle him
or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he or she shall be given vesting
credit with respect to Options to the same extent as would have applied had the Participant continued to provide services to the Company
(or any Parent or Subsidiary, if applicable) throughout the leave on the same terms as he or she was providing services immediately prior
to such leave.

 

5.7.        Limitations
on Exercise.  The Committee may specify a reasonable minimum number of Shares that may be purchased on any exercise of an
Option, provided that such minimum number will not prevent Participant from exercising the Option for the full number of Shares for which
it is then exercisable.

 

5.8.         Limitations
on ISOs.  The aggregate Fair Market Value (determined as of the date of grant)
of Shares with respect to which ISOs are exercisable for the first time by a Participant during any calendar year (under this Plan or
under any other incentive stock option plan of the Company or any Parent or Subsidiary of the Company) will not exceed One Hundred Thousand
Dollars ($100,000). If the Fair Market Value of Shares on the date of grant with respect to which ISOs are exercisable for the first time
by a Participant during any calendar year exceeds One Hundred Thousand Dollars ($100,000), then the Options for the first One Hundred
Thousand Dollars ($100,000) worth of Shares to become exercisable in such calendar year will be ISOs and the Options for the amount in
excess of One Hundred Thousand Dollars ($100,000) that become exercisable in that calendar year will be NQSOs. In the event that the Code
or the regulations promulgated thereunder are amended after the Effective Date (as defined in Section 17 hereof) to provide for a
different limit on the Fair Market Value of Shares permitted to be subject to ISOs, then such different limit will be automatically incorporated
herein and will apply to any Options granted after the effective date of such amendment. For purposes of this Section 5.8, ISOs
shall be taken into account in the order in which they were granted, and the Fair Market Value of the Shares subject to an ISO shall be
determined as of the date of the grant of such Option.

 

5.9.         Modification,
Extension or Renewal.  The Committee may modify, extend or renew outstanding Options and authorize the grant of new Options
in substitution therefor, provided that any such action may not, without the written consent of a Participant, impair any of such Participant’s
rights under any Option previously granted. Any outstanding ISO that is modified, extended, renewed or otherwise altered will be treated
in accordance with Section 424(h) of the Code. Subject to Section 5.10 hereof, the Committee may reduce the Exercise Price
of outstanding Options without the consent of Participants by a written notice to them; provided, however, that the Exercise Price may
not be reduced below the minimum Exercise Price that would be permitted under Section 5.4 hereof for Options granted on the date
the action is taken to reduce the Exercise Price; provided, further, that the Exercise Price will not be reduced below the par value of
the Shares, if any.

 

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5.10.       No
Disqualification.  Notwithstanding any other provision in this Plan, no term of this Plan relating to ISOs will be interpreted,
amended or altered, nor will any discretion or authority granted under this Plan be exercised, so as to disqualify this Plan under Section 422
of the Code or, without the consent of the Participant, to disqualify any Participant’s ISO under Section 422 of the Code.

 

5.11.       Right
of First Refusal.  At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in
the Option Agreement a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee) may propose to transfer
to a third party, unless otherwise not permitted by Section 25102(o) of the California Corporations Code, including a right
of purchase upon an involuntary transfer; provided, that such right of first refusal terminates upon the Company’s initial public
offering of Common Stock pursuant to an effective registration statement filed under the Securities Act.

 

5.12.      Early
Exercise.  Any Option may, but need not, include a provision whereby the Participant may elect at any time before the Termination
of such Participant to exercise the Option as to any part or all of the Shares subject to the Option prior to the full vesting of such
Shares. Any Unvested Shares so purchased shall be subject to a repurchase option in favor of the Company or to any other restriction the
Committee determines to be appropriate.

 

6.            RESTRICTED
STOCK

 

6.1.         Rights
to Purchase. When a right to purchase Restricted Stock is granted under the Plan, the Committee shall advise the recipient
in writing of the terms, conditions and restrictions related to the offer, including the number of Shares that such person shall be entitled
to purchase, the Purchase Price (which shall be determined by the Committee, subject to Applicable Laws, including any applicable securities
laws), and the time within which such person must accept such offer. The permissible consideration for Restricted Stock shall be determined
by the Committee and shall be made in accordance with Section 7 below. The offer to purchase Shares shall be accepted by execution
of a Restricted Stock Purchase Agreement in a form determined by the Committee.

 

6.2.         Repurchase
Option

 

6.2.1.      General.
  Unless the Committee determines otherwise, the Restricted Stock Purchase Agreement shall grant the Company a repurchase option exercisable
if the Participant is Terminated for any reason (including death or Disability). The purchase price for the Shares repurchased pursuant
to the Restricted Stock Purchase Agreement shall be equal to or less than the Purchase Price paid by the Participant and may be paid by
cancellation of any indebtedness of the Participant to the Company. The repurchase option shall lapse at such rate as the Committee shall
determine.

 

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6.2.2.      Leave
of Absence.  The Committee shall have the discretion to determine whether and to what extent the lapsing of the
Company’s repurchase rights shall be tolled during any unpaid leave of absence; provided, however, in the absence of such
determination, such lapsing shall be tolled during any such unpaid leave (unless otherwise required by Applicable Laws).
Notwithstanding the foregoing, in the event of military leave, the lapsing of the Company’s repurchase rights shall toll
during any unpaid portion of such leave, provided that, upon a Participant’s returning from military leave (under conditions
that would entitle him or her to protection upon such return under the Uniform Services Employment and Reemployment Rights Act), he
or she shall be given vesting credit with respect to Shares purchased pursuant to the Restricted Stock Purchase Agreement to the
same extent as would have applied had the Participant continued to provide services to the Company (or any Parent or Subsidiary, if
applicable) throughout the leave on the same terms as he or she was providing services immediately prior to such leave.

 

6.2.3.     The
Participant shall have full stockholder rights with respect to any Shares issued to the Participant under a Restricted Stock Award, whether
or not the Participant’s interest in those Shares is vested. Accordingly, the Participant shall have the right to vote such shares
and to receive any regular cash dividends paid on such shares.

 

6.2.4.      Any
new, substituted or additional securities or other property (including money paid other than as a regular cash dividend) which the Participant
may have the right to receive with respect to the Participant’s Unvested Shares by reason of any stock split, reverse stock split,
stock dividend, recapitalization, combination of shares, reclassification of shares, exchange of shares or other change affecting the
outstanding Common Stock as a class without the Company’s receipt of consideration shall be issued subject to (i) the same
vesting requirements applicable to the Participant’s Unvested Shares and (ii) such escrow arrangements as the Committee shall
deem appropriate.

 

6.3        Right
of First Refusal.  At the discretion of the Committee, the Company may reserve to itself and/or its assignee(s) in
the Restricted Stock Purchase Agreement a right of first refusal to purchase all Shares that a Participant (or a subsequent transferee)
may propose to transfer to a third party, unless otherwise not permitted by Section 25102(o) of the California Corporations
Code, including a right of purchase upon an involuntary transfer; provided, that such right of first refusal terminates upon the Company’s
initial public offering of Common Stock pursuant to an effective registration statement filed under the Securities Act.

 

7.            PAYMENT
FOR SHARE PURCHASES.

 

7.1.         Payment.
  Payment for Shares purchased pursuant to this Plan whether by exercise of an Option or purchase under Restricted Stock Purchase Agreement
shall be made in cash (by check or wire transfer); provided, however, that where expressly provided in an Option Agreement or Restricted
Stock Purchase Agreement or otherwise approved for the Participant by the Committee, and where permitted by Applicable Law, payment may
be made by one or more of the following methods:

 

7.1.1.      by
cancellation of indebtedness of the Company owed to the Participant;

 

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7.1.2.      for
past services rendered to the Company, unless prohibited by Applicable Law;

 

7.1.3.     by
surrendering, or attesting to the ownership of, shares of Common Stock that are already owned by the Participant, provided such shares
shall be surrendered to the Company in good form for transfer, clear of all liens, claims, encumbrances or security interests, and shall
be valued at their Fair Market Value as of the date of exercise or purchase;

 

7.1.4.     by
tender of a promissory note having such recourse, interest, security and redemption provisions as the Committee determines, bearing interest
at a rate sufficient to avoid imputation of income under Sections 483 and 1274 of the Code; provided, however, that the portion of the
Exercise Price or Purchase Price, as applicable, equal to the par value of the Shares must be paid in cash or other legal consideration
permitted by Applicable Law;

 

7.1.5.      provided
that a public market for the Common Stock exists, by the delivery (on a form prescribed by the Company) of an irrevocable direction to
a securities broker approved by the Company to sell Shares and to deliver all or part of the sales proceeds to the Company;

 

7.1.6.      by
a “net exercise” arrangement pursuant to which the Company will reduce the number of Shares issued upon exercise of an Option
by the largest whole number of Shares having an aggregate Fair Market Value that does not exceed the aggregate Exercise Price or the sum
of the aggregate Exercise Price plus all or a portion of the minimum amount required to be withheld under applicable tax law (with the
Company accepting from the Optionee payment of cash or cash equivalents to satisfy any remaining balance of the aggregate Exercise Price
and, if applicable, any additional withholding obligation not satisfied through such reduction in Shares); provided that to the
extent Shares subject to an Option are withheld in this manner, the number of Shares subject to the Option following the net exercise
will be reduced by the sum of the number of Shares withheld and the number of Shares delivered to the Optionee as a result of the exercise;

 

7.1.7.      by
any other form permitted by Applicable Law; and

 

7.1.8.      by
any combination of the foregoing.

 

7.2.        Loan
Guarantees.  The Committee may, in its sole discretion, elect to assist the Participant in paying for Shares purchased under
this Plan by authorizing a guarantee by the Company of a third-party loan to the Participant.

 

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8.           WITHHOLDING
TAXES.

 

8.1.         Withholding
Generally.  As a condition of the grant, vesting and exercise of an Award granted under this Plan, the Company may
require the Participant (or in the case of the Participant’s death or a permitted transferee, the person holding or exercising
the Award) to remit to the Company an amount sufficient to satisfy federal, state and local withholding tax requirements prior to
the delivery of any certificate or certificates for such Shares. The Company shall not be required to issue any Shares under the
Plan until such obligations are satisfied. Whenever, under this Plan, payments in satisfaction of Awards are to be made in cash by
the Company, such payment will be net of an amount sufficient to satisfy federal, state, and local withholding tax requirements.

 

8.2.         Stock
Withholding.  When, under applicable tax laws, a Participant (or in the case of Participant’s death or a permitted
transferee, the person holding or exercising the Award) incurs tax liability in connection with the exercise or vesting of any Award that
is subject to tax withholding and the Participant is obligated to pay the Company the amount required to be withheld, the Committee may
in its sole discretion allow the Participant to satisfy the minimum withholding tax obligation by electing to have the Company withhold
from the Shares to be issued that number of Shares having a Fair Market Value equal to the minimum amount required to be withheld, determined
on the date that the amount of tax to be withheld is to be determined. All elections by a Participant to have Shares withheld for this
purpose will be made in accordance with the requirements established by the Committee for such elections and be in writing in a form acceptable
to the Committee.

 

9.           PRIVILEGES
OF STOCK OWNERSHIP.

 

9.1.         Voting
and Dividends.  No Participant will have any of the rights of a stockholder with respect to any Shares until the Shares
are issued to the Participant. After Shares are issued to the Participant, the Participant will be a stockholder and have all the rights
of a stockholder with respect to such Shares, including the right to vote and receive all dividends or other distributions made or paid
with respect to such Shares, subject to and qualified by the rights, powers and preferences of the holders of the Preferred Stock of the
Company; provided, that the Participant will have no right to retain such stock dividends or stock distributions with respect to Unvested
Shares that are repurchased pursuant to Sections 5.12 or 6.2 hereof. The Company will comply with Section 260.140.01 of Title 10
of the California Code of Regulations with respect to the voting rights of Common Stock.

 

9.2.        Financial
Statements.  If required under Applicable Laws, the Company will provide financial statements to each Participant annually
during the period such Participant has Awards outstanding.

 

10.        TRANSFERABILITY
OF AWARDS.  Unless otherwise provided in an Option Agreement or Restricted Stock Agreement, Awards granted under this Plan,
and any interest therein, will not be pledged, assigned, hypothecated, transferred or disposed of by Participant, other than by will or
by the laws of descent and distribution and may not be made subject to execution, attachment or similar process. During the lifetime of
the Participant, an Award will be exercisable only by the Participant or Participant’s legal representative and any elections with
respect to an Award may be made only by the Participant or Participant’s legal representative. The designation of a beneficiary
by a Participant will not constitute a transfer.

 

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11.          CERTIFICATES.
  All certificates for Shares or other securities delivered under this Plan will be subject to such stock transfer orders, legends and other
restrictions as the Committee may deem necessary or advisable, including restrictions under any applicable federal, state or foreign securities
law, or any rules, regulations and other requirements of the SEC or any stock exchange or automated quotation system upon which the Shares
may be listed or quoted.

 

12.          ESCROW;
PLEDGE OF SHARES.  To enforce any restrictions on a Participant’s Shares set forth in Sections 5.12 or 6.2 hereof,
the Committee may require the Participant to deposit all certificates representing Shares, together with stock powers or other instruments
of transfer approved by the Committee, appropriately endorsed in blank, with the Company or an agent designated by the Company to hold
in escrow until such restrictions have lapsed or terminated. The Committee may cause a legend or legends referencing such restrictions
to be placed on the certificates. Any Participant who is permitted to execute a promissory note as partial or full consideration for the
purchase of Shares under this Plan will be required to pledge and deposit with the Company all or part of the Shares so purchased as collateral
to secure the payment of Participant’s obligation to the Company under the promissory note; provided, however, that the Committee
may require or accept other or additional forms of collateral to secure the payment of such obligation and, in any event, the Company
will have full recourse against the Participant under the promissory note notwithstanding any pledge of the Participant’s Shares
or other collateral. In connection with any pledge of the Shares, Participant will be required to execute and deliver a written pledge
agreement in such form as the Committee will from time to time approve.

 

13.          EXCHANGE
AND BUYOUT OF OPTIONS.  The Committee may, at any time or from time to time, authorize the Company, with the consent of
the respective Participants, to issue new Options in exchange for the surrender and cancellation of any or all outstanding Options. The
Committee may at any time buy from a Participant an Option previously granted with payment in cash, shares of Common Stock of the Company
or other consideration, based on such terms and conditions as the Committee and the Participant may agree.

 

14.          SECURITIES
LAW AND OTHER REGULATORY COMPLIANCE.  This Plan is intended to comply with Section 25102(o) of the
California Corporations Code. Any provision of this Plan which is inconsistent with Section 25102(o) shall, without
further act or amendment by the Company or the Board, be reformed to comply with the requirements of Section 25102(o). An Award
will not be effective unless such Award is in compliance with all applicable foreign, federal and state securities laws,
rules and regulations of any governmental body, and the requirements of any stock exchange or automated quotation system upon
which the Shares may then be listed or quoted, as they are in effect on the date of grant of the Award and also on the date of
exercise or other issuance. Notwithstanding any other provision in this Plan, the Company will have no obligation to issue or
deliver certificates for Shares under this Plan prior to (i) obtaining any approvals from governmental agencies that the
Company determines are necessary or advisable, and/or (ii) compliance with any exemption, completion of any registration or
other qualification of such Shares under any state, federal or foreign law or ruling of any governmental body that the Company
determines to be necessary or advisable. The Company will be under no obligation to register the Shares with the SEC or to effect
compliance with the exemption, registration, qualification or listing requirements of any foreign or state securities laws, stock
exchange or automated quotation system, and the Company will have no liability for any inability or failure to do so.

 

    11 

     

    

 

15.          NO
OBLIGATION TO EMPLOY.  Nothing in this Plan or any Award granted under this Plan will confer or be deemed to confer on any
Participant any right to continue in the employ of, or to continue any other relationship with, the Company or any Parent or Subsidiary
of the Company, be deemed to modify any Participant’s “at-will” status with the Company, or limit in any way the right
of the Company or any Parent or Subsidiary of the Company to terminate Participant’s employment or other relationship at any time,
with or without cause.

 

16.          CORPORATE
TRANSACTIONS.

 

16.1.       Dissolution
or Liquidation.  In the event of the dissolution or liquidation of the Company, each Award will terminate immediately prior
to the consummation of such action, unless otherwise determined by the Committee.

 

16.2.       Assumption
or Replacement of Options by Successor or Acquiring Company.  In the event of (i) a merger or consolidation in which
the Company is not the surviving corporation, (ii) a merger in which the Company is the surviving corporation but after which the
stockholders of the Company immediately prior to such merger (other than any stockholder which merges with the Company in such merger,
or which owns or controls another corporation which merges with the Company in such merger) cease to own their shares or other equity
interests in the Company, or (iii) the sale of all or substantially all of the assets of the Company, any or all outstanding Options
may be assumed, converted or replaced by the successor or acquiring corporation (if any), which assumption, conversion or replacement
will be binding on all Participants. In the alternative, the successor or acquiring corporation may substitute equivalent Options or provide
substantially similar consideration to Participants as was provided to stockholders (after taking into account the existing provisions
of the Options). The successor or acquiring corporation may also substitute by issuing, in place of outstanding Shares of the Company
held by the Participant, substantially similar shares or other property subject to repurchase restrictions and other provisions no less
favorable to the Participant than those which applied to such outstanding Shares immediately prior to such transaction described in this
Section 16.2.

 

16.3.       Failure
to Assume.

 

In the event such successor or acquiring corporation
(if any) refuses to assume, convert, replace or substitute Options, as provided above, pursuant to a transaction described in Section 16.2,
then notwithstanding any other provision in this Plan to the contrary, such Options will expire on such transaction at such time and
on such conditions as the Committee will determine. The Committee shall notify the Participant that the Option will terminate at least
five (5) days prior to the date on which the Option terminates. If any outstanding Option held by a current Participant is to be
terminated (in whole or in part) pursuant to this paragraph, the Committee may, in its sole discretion, elect to accelerate the vesting
and exercisability of each such Option such that the Option shall become vested and exercisable in full or part prior to the consummation
of such transaction at such time and on such conditions as the Committee shall determine in its sole discretion.

 

    12 

     

    

 

16.4.      Other
Treatment of Options.  Subject to any greater rights granted to Participants under the foregoing provisions of this Section 16
hereof, in the event of the occurrence of any transaction described in Section 16.2 hereof, any outstanding Options will be treated
as provided in the applicable agreement or plan of merger, consolidation, dissolution, liquidation or sale of assets.

 

16.5.      Assumption
of Options by the Company.  The Company, from time to time, also may substitute or assume outstanding options granted by
another company, whether in connection with an acquisition of such other company or otherwise, by either (i) granting an Option
under this Plan in substitution of such other company’s option, or (ii) assuming such option as if it had been granted under
this Plan if the terms of such assumed option could be applied to an Option granted under this Plan. Such substitution or assumption
will be permissible if the holder of the substituted or assumed option would have been eligible to be granted an Option under this Plan
if the other company had applied the rules of this Plan to such grant. In the event the Company assumes an option granted by another
company, the terms and conditions of such option will remain unchanged (except that the exercise price and the number and nature
of shares issuable upon exercise of any such option will be adjusted appropriately pursuant to Section 424(a) of the Code).
In the event the Company elects to grant a new Option rather than assuming an existing option, such new Option may be granted with a
similarly adjusted Exercise Price.

 

16.6.      Parachute
Payments.  Notwithstanding anything in any Option Agreement or Restricted Stock Agreement to the contrary, if any of such
agreements provide for acceleration of the vesting of Shares or other actions with respect to the Shares underlying such agreement (which
actions could be deemed a “payment” within the meaning of 280G(b)(2) of the Internal Revenue Code of 1986, as amended
(the “Code”)), together with any other payments that the Participant has the right to receive from the Company
or any entity which is a member of an “affiliated group” (as defined in Section 1504(a) of the Code without regards
to Section 1504(b) of the Code) of which the Company is a member, would constitute a “parachute payment” (as defined
in Section 280G(b)(2) of the Code), such deemed “payments” will be reduced to the largest amount as will result
in no portion of such deemed “payments” being subject to the excise tax imposed by Section 4999 of the Code; provided,
however, that such “payments” shall only be reduced if such reduction would result in Participant receiving a greater net
benefit, on an after-tax basis (including after payment of any excise tax imposed by Section 4999 of the Code), than Participant
would have received had such reduction not occurred.

 

17.        ADOPTION
AND STOCKHOLDER APPROVAL.  This Plan will become effective on the date that it is adopted by the Board (the
 “Effective Date”). This Plan will be approved by the stockholders of the Company (excluding Shares issued
pursuant to this Plan), consistent with Applicable Laws, within twelve (12) months before or after the Effective Date. Upon the
Effective Date, the Committee may grant Awards pursuant to this Plan; provided, however, that: (i) no Option may be exercised
or Restricted Stock purchased prior to initial stockholder approval of this Plan; (ii) no Option or Restricted Stock granted
pursuant to an increase in the number of Shares approved by the Committee shall be exercised or purchased, as applicable prior to
the time such increase has been approved by the stockholders of the Company; (iii) in the event that initial stockholder
approval is not obtained within the time period provided herein, all Awards granted hereunder shall be canceled, any Shares issued
pursuant to any Award, whether by exercise of an Option or purchase of Restricted Stock, shall be canceled and rescinded; and
(iv) Options granted pursuant to an increase in the number of Shares approved by the Board which increase is not timely
approved by stockholders shall be canceled.

 

    13 

     

    

 

18.         TIME
OF GRANTING AWARDS.  The date of grant of an Award shall, for all purposes, be the date on which the Committee makes the
determination granting such Award, or such other date as is determined by the Committee, provided that in the case of any ISO, the grant
date shall be the later of the date on which the Committee makes the determination granting such ISO or the date of commencement of the
Participant’s employment relationship with the Company.

 

19.         TERM
OF PLAN/GOVERNING LAW.  Unless earlier terminated as provided herein, this Plan will terminate ten (10) years from
the Effective Date or, if earlier, the date of stockholder approval. This Plan and all agreements hereunder shall be governed by and construed
in accordance with the laws of the State of Delaware.

 

20.          AMENDMENT
OR TERMINATION OF PLAN.  Subject to Section 5.9 hereof, the Board may at any time terminate or amend this Plan in any
respect, including without limitation amendment of any form of Option Agreement, Restricted Stock Purchase Agreement or instrument to
be executed pursuant to this Plan. No amendment of the Plan shall be made that would materially and adversely affect the rights of any
Participant under any outstanding Award, without his or her consent. The Board will not, without the approval of the stockholders of the
Company, amend this Plan in any manner that requires such stockholder approval pursuant to Section 25102(o) of the California
Corporations Code or the Code or the regulations promulgated thereunder as such provisions apply to ISO plans.

 

21.          NONEXCLUSIVITY
OF THE PLAN.  Neither the adoption of this Plan by the Board, the submission of this Plan to the stockholders of the Company
for approval, nor any provision of this Plan will be construed as creating any limitations on the power of the Board to adopt such additional
compensation arrangements as it may deem desirable, including, without limitation, the granting of stock options and other equity awards
otherwise than under this Plan, and such arrangements may be either generally applicable or applicable only in specific cases.

 

22.          BENEFICIARIES.
  Unless stated otherwise in an Award agreement, a Participant may designate one or more beneficiaries with respect to an Award by timely
filing the prescribed form with the Company. A beneficiary designation may be changed by filing the prescribed form with the Company at
any time before the Participant’s death. If no beneficiary was designated or if no designated beneficiary survives the Participant,
then after a Participant’s death and vested Awards shall be transferred or distributed to the Participant’s estate.

 

    14 

     

    

 

23.         DEFINITIONS.
 As used in this Plan, the following terms will have the following meanings:

 

“Applicable
Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable
U.S. federal or state laws, any stock exchange rules or regulations, and the applicable laws, rules or regulations of any other
country or jurisdiction where Awards are granted under the Plan or Participants reside or provide services, as such laws, rules and
regulations shall be in effect from time to time.

 

“Award”
means any award of an Option or Restricted Stock under the Plan.

 

“Board”
means the Board of Directors of the Company.

 

“Cause”
means, unless otherwise defined in an Option Agreement or Restricted Stock Purchase Agreement, (i) any willful, material
violation by Participant of any law or regulation applicable to the business of the Company (or any successor, subsidiary, parent or affiliate
of the Company), (ii) Participant’s conviction for, or guilty or nolo contendere plea to, any felony or any willful
perpetration by Participant of a common law fraud, (iii) Participant’s commission of an act of personal dishonesty which involves
personal profit in connection with the Company (or any successor, subsidiary, parent or affiliate of the Company) or any other entity
having a material business relationship with the Company, (iv) a repeated pattern of unexcused absences that causes substantial failure
by Participant to perform the material duties as a director, officer, employee or consultant of the Company, (v) any continued failure
or refusal by Participant to perform the material, lawful, duties required of Participant in his capacity as a director, officer, employee
or consultant of the Company (or any successor, subsidiary, parent or affiliate of the Company if Participant is then primarily employed
by such entity) after written notice or (vi) a material breach of any applicable invention assignment and/or confidentiality agreement
or similar agreement that materially damages the Company (or any successor, subsidiary, parent or affiliate of the Company). The determination
as to whether a Participant has been Terminated for Cause shall be made in good faith by the Committee and shall be final and binding
on the Participant. The foregoing definition does not in any way limit the Company’s ability to terminate a Participant’s
employment or consulting relationship at any time and the term “Company” will be interpreted to include any Subsidiary, Parent,
Affiliate, or any successor thereto, if appropriate.

 

“Change
of Control” means, unless otherwise defined in an Option Agreement or Restricted Stock Purchase Agreement, (i) any
merger or consolidation in which the Company shall not be the surviving entity (or survives only as a subsidiary of another entity whose
stockholders did not own all or substantially all of the stock of the Company in substantially the same proportions as immediately prior
to such transaction), (ii) the sale of all or substantially all of the Company’s assets to any other person or entity (other
than a sale to a wholly-owned subsidiary or a sale of one or more business lines of the Company such that the Company does not liquidate
and continues to operate at least one business line after such sale), or (iii) the acquisition of beneficial ownership of a controlling
interest (including, without limitation, power to vote) the outstanding shares of stock of the Company by any person or entity (including
a “group” as defined by or under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended.

 

    15 

     

    

 

“Code”
means the Internal Revenue Code of 1986, as amended.

 

“Committee”
means the committee created and appointed by the Board to administer this Plan, or if no such committee is created and appointed,
the Board.

 

“Company”
means VisionCare, Inc. a Delaware corporation, or any successor corporation.

 

“Common
Stock” means the Company’s common stock, par value $0.0001 per share, as adjusted pursuant to Sections 2 and
16 hereof, and any successor security.

 

“Disability”
means disability, within the meaning of Section 22(e)(3) of the Code.

 

“Effective
Price” is defined in Section 17 herein.

 

“Exercise
Agreement” is defined in Section 5.5 herein.

 

“Exercise
Price” means the price at which a holder of an Option may purchase the Shares issuable upon exercise of the Option.

 

“Fair Market
Value” means, as of any date, the value of a share of Common Stock determined as follows:

 

(a)         if
the Common Stock is publicly traded and listed on a national securities exchange, its closing price on the date of determination on the
principal national securities exchange on which the Common Stock is listed or admitted to trading, as reported in The Wall Street Journal;

 

(b)         if
the Common Stock is publicly traded but is not listed or admitted to trading on a national securities exchange, the average of the closing
bid and asked prices on the date of determination as reported by The Wall Street Journal (or, if not so reported, as otherwise
reported by any newspaper or other source as the Committee may determine); or

 

(c)         if
none of the foregoing is applicable, by the Committee as applied consistently with respect to the Participants.

 

    16 

     

    

 

“Good
Reason” means, unless otherwise defined in an Option Agreement or Restricted Stock Purchase Agreement,
(i) the assignment to Participant of duties, or limitation of Participant’s responsibilities, materially inconsistent
with his position, duties, responsibilities and status with the Company, provided that neither a mere change in title alone
nor reassignment following a Change in Control to a position that is substantially similar to the position held prior to the
transaction shall constitute Good Reason, (ii) a material reduction by the Company of Participant’s annual base salary,
unless such reduction affects all similarly situated employees, or (iii) the relocation of Participant’s principal place
of employment to a location that is more than fifty (50) miles further from Participant’s current principal place of
employment; provided however, that in order for circumstances to provide Good Reason for Participant’s resignation, the
following additional conditions must be satisfied also: (A) Participant resigns within six (6) months after the initial
occurrence of the circumstance giving rise to Good Reason; (B) Participant provides notice to the Company of the circumstance
giving rise to Good Reason within ninety (90) days after the initial existence of such circumstance; and (C) the Company has a
thirty (30) day period in which to cure such circumstance, if it is capable of being cured, and upon any such cure, Participant
shall not be considered to have Good Reason to resign. The determination as to whether a Participant has resigned for Good Reason
shall be made in good faith by the Committee and shall be final and binding on the Participant. The term “Company” will
be interpreted to include any Subsidiary, Parent, Affiliate, or any successor thereto, if appropriate.

 

“ISO”
is defined in Section 5 above.

 

“NQSO”
is defined in Section 5 above.

 

“Option”
means an award of an option to purchase Shares pursuant to Section 5.

 

“Option
Agreement” means a written document, the form(s) of which shall be approved from time to time by the Committee,
reflecting the terms of an Option granted under the Plan and includes any documents attached to such agreement.

 

“Option
Exchange Program” means a program approved by the Committee whereby outstanding Options (i) are exchanged for
Options with a lower exercise price or Restricted Stock or (ii) are amended to decrease the exercise price as a result of a decline
in the Fair Market Value of the Common Stock.

 

“Parent”
means any corporation (other than the Company) in an unbroken chain of corporations ending with the Company if, at the time
of the grant of the Award, each of such corporations other than the Company owns stock representing fifty percent (50%) or more of the
total combined voting power of all classes of stock in one of the other corporations in such chain; provided, however, that the Committee
shall have the discretion to determine that an entity otherwise meeting such definition is not a Parent for purposes of this Plan. A corporation
that attains the status of Parent on a date after the adoption of the Plan shall be considered a Parent commencing as of such date.

 

“Participant”
means a person who receives an Award under this Plan.

 

“Plan”
means this 2015 Equity Incentive Plan, as amended from time to time.

 

“Purchase
Price” means the price at which Shares may be purchased pursuant to a Restricted Stock Purchase Agreement.

 

“Restricted
Stock” means Shares acquired pursuant to a right to purchase Shares granted pursuant to Section 6.

 

    17 

     

    

 

“Restricted
Stock Purchase Agreement” means a written document, the form(s) of which shall be approved from time to time
by the Committee, reflecting the terms of Restricted Stock granted under the Plan and includes any documents attached to such agreement.

 

“SEC”
means the Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

“Shares”
means the shares of Common Stock reserved for issuance under this Plan, as adjusted pursuant to Sections 2 and 16 hereof, and
any successor security.

 

“Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company if, at the time
of the grant of the Award, each of the corporations other than the last corporation in the unbroken chain owns stock representing fifty
percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. A corporation
that attains the status of a Subsidiary on a date after the adoption of the Plan shall be considered a Subsidiary commencing as of such
date.

 

“Termination”
or “Terminated” means, for purposes of this Plan with respect to a Participant, that the Participant
has for any reason ceased to provide services as an employee, officer, director or consultant to the Company or a Parent or Subsidiary
of the Company, as determined in the sole discretion of the Committee. A Participant will not be deemed to have ceased to provide services
in the case of (i) sick leave, (ii) military leave, or (iii) any other leave of absence approved by the Committee, provided
that such leave is for a period of not more than ninety (90) days (a) unless reinstatement (or, in the case of an employee with an
ISO, reemployment) upon the expiration of such leave is guaranteed by contract or statute, or (b) unless provided otherwise pursuant
to formal policy adopted from time to time by the Company’s Board and issued and promulgated in writing. In the case of any Participant
on (i) sick leave, (ii) military leave or (iii) an approved leave of absence, the Committee may make such provisions respecting
suspension of vesting of the Award while on leave from the Company or a Parent or Subsidiary of the Company as it may deem appropriate,
except that in no event may an Award be exercised after the expiration of the term set forth in the Option Agreement or Restricted Stock
Purchase Agreement, as applicable. The Committee will have sole discretion to determine when and whether a Participant has ceased to provide
services to the Company.

 

“Termination
Date” means the date of Termination of a Participant. The Committee will have sole discretion to determine the Termination
Date of a Participant.

 

“Unvested
Shares” means shares that have not vested pursuant to the vesting schedule set forth in a Option Agreement or for
which the Company’s repurchase option has not lapsed pursuant to a Restricted Stock Purchase Agreement.

 

“Vested
Shares” means shares that have vested pursuant to the vesting schedule set forth in the Option Agreement or for which
the Company’s repurchase option has lapsed pursuant to a Restricted Stock Purchase Agreement.

 

    18 

     

    

 

PLAN HISTORYExhibit
4.2

 

Form of Representative’s Warrant Agreement

 

THE REGISTERED HOLDER OF THIS
PURCHASE WARRANT BY ITS ACCEPTANCE HEREOF, AGREES THAT IT WILL NOT SELL, TRANSFER OR ASSIGN THIS PURCHASE WARRANT EXCEPT AS HEREIN PROVIDED
AND THE REGISTERED HOLDER OF THIS PURCHASE WARRANT AGREES THAT IT WILL NOT SELL, TRANSFER, ASSIGN, PLEDGE OR HYPOTHECATE THIS PURCHASE
WARRANT FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS FOLLOWING THE EFFECTIVE DATE (DEFINED BELOW) TO ANYONE OTHER THAN (I) THINKEQUITY, A DIVISION
OF FORDHAM FINANCIAL MANAGEMENT, INC., OR AN UNDERWRITER OR A SELECTED DEALER IN CONNECTION WITH THE OFFERING, OR (II) A BONA FIDE OFFICER
OR PARTNER OF THINKEQUITY, A DIVISION OF FORDHAM FINANCIAL MANAGEMENT, INC., OR OF ANY SUCH UNDERWRITER OR SELECTED DEALER.

 

THIS PURCHASE WARRANT IS NOT
EXERCISABLE PRIOR TO [________________] [DATE THAT IS [180 DAYS OR ONE YEAR] FROM THE EFFECTIVE DATE OF THE OFFERING]. VOID AFTER
5:00 P.M., EASTERN TIME, [___________________] [DATE THAT IS FIVE YEARS FROM THE EFFECTIVE DATE OF THE OFFERING].

 

 

WARRANT TO PURCHASE COMMON STOCK 

 

SAMSARA VISION INC.

 

Warrant Shares: _______

Initial Exercise Date: ______

 

THIS WARRANT TO PURCHASE COMMON
STOCK (the “Warrant”) certifies that, for value received, _____________ or its assigns (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after
_______1 (the “Initial Exercise Date”)
and, in accordance with FINRA Rule 5110(f)(2)(G)(i), prior to at 5:00 p.m. (New York time) on the date that is five (5) years following
the Effective Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from SAMSARA VISION INC.,
a Delaware corporation (the “Company”), up to ______ shares of Common Stock, par value $0.0001 per share, of the Company
(the “Warrant Shares”), as subject to adjustment hereunder. The purchase price of one share of Common Stock under this
Warrant shall be equal to the Exercise Price, as defined in Section 2(b).

 

Section 1. Definitions.
In addition to the terms defined elsewhere in this Agreement, the following terms have the meanings indicated in this Section 1:

 

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

 

 

 

1
6 months after the effective date

 

     

     

    

 

“Business
Day” means any day except any Saturday, any Sunday, any day which is a federal legal holiday in the United States or any day
on which banking institutions in the State of New York are authorized or required by law or other governmental action to close.

 

“Commission”
means the United States Securities and Exchange Commission.

 

“Effective
Date” means the effective date of the registration statement on Form S-1 (File No. [XXX-XXXXXX]), including any related prospectus
or prospectuses, for the registration of the Company’s Class A common stock, par value $0.0001 per share and the Warrant Shares
under the Securities Act, that the Company has filed with the Commission.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Person”
means an individual or corporation, partnership, trust, incorporated or unincorporated association, joint venture, limited liability company,
joint stock company, government (or an agency or subdivision thereof) or other entity of any kind.

 

“Rule 144”
means Rule 144 promulgated by the Commission pursuant to the Securities Act, as such Rule may be amended or interpreted from time to time,
or any similar rule or regulation hereafter adopted by the Commission having substantially the same purpose and effect as such Rule.

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Trading
Day” means a day on which the New York Stock Exchange is open for trading.

 

“Trading
Market” means any of the following markets or exchanges on which the Common Stock is listed or quoted for trading on the date
in question: the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market, the Nasdaq Global Select Market, or the New York
Stock Exchange (or any successors to any of the foregoing).

 

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

 

     

     

    

 

Section 2. Exercise.

 

a)                 
Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial
Exercise Date and on or before the Termination Date by delivery to the Company (or such other office or agency of the Company as it may
designate by notice in writing to the registered Holder at the address of the Holder appearing on the books of the Company) of a duly
executed facsimile copy (or e-mail attachment) of the Notice of Exercise Form annexed hereto. Within two (2) Trading Days following the
date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice
of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in
Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall
any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise form be required. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased
all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this
Warrant to the Company for cancellation within five (5) Trading Days of the date the final Notice of Exercise is delivered to the Company.
Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant Shares available hereunder shall
have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in an amount equal to the applicable number
of Warrant Shares purchased. The Holder and the Company shall maintain records showing the number of Warrant Shares purchased and the
date of such purchases. The Company shall deliver any objection to any Notice of Exercise Form within two (2) Business Days of receipt
of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions
of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase
hereunder at any given time may be less than the amount stated on the face hereof.

 

b)                 
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $_______2,
subject to adjustment hereunder (the “Exercise Price”).

 

c)                 
Cashless Exercise. If at any time on or after the Initial Exercise Date, there is no effective registration statement registering,
or the prospectus contained therein is not available for the issuance of the Warrant Shares to the Holder, then this Warrant may also
be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to
receive the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) = as
applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of
Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed
and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as
defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) the VWAP on
the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is executed during
 “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours
after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the
date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is
both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading
Day;

 

 

 

2
125% of the public offering price per share of common stock in the offering.

 

     

     

    

 

(B) = the Exercise
Price of this Warrant, as adjusted hereunder; and

 

(X) = the number
of Warrant Shares that would be issuable upon exercise of this Warrant in accordance with the terms of this Warrant if such exercise were
by means of a cash exercise rather than a cashless exercise.

 

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

 

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

 

d)                
Mechanics of Exercise.

 

i.            Delivery
of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by its
transfer agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The
Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a
participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant
Shares to or resale of the Warrant Shares by Holder, or (B) the Warrant Shares are eligible for resale by the Holder without volume
or manner-of-sale limitations pursuant to Rule 144 and, in either case, the Warrant Shares have been sold by the Holder prior to the
Warrant Share Delivery Date (as defined below), and otherwise by physical delivery of a certificate, registered in the
Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is
entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is two
(2) Trading Days after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery
Date”). If the Warrant Shares can be delivered via DWAC, the transfer agent shall have received from the Company, at the
expense of the Company, any legal opinions or other documentation required by it to deliver such Warrant Shares without legend
(subject to receipt by the Company of reasonable back up documentation from the Holder, including with respect to affiliate status)
and, if applicable and requested by the Company prior to the Warrant Share Delivery Date, the transfer agent shall have received
from the Holder a confirmation of sale of the Warrant Shares (provided the requirement of the Holder to provide a confirmation as to
the sale of Warrant Shares shall not be applicable to the issuance of unlegended Warrant Shares upon a cashless exercise of this
Warrant if the Warrant Shares are then eligible for resale pursuant to Rule 144(b)(1)). The Warrant Shares shall be deemed to have
been issued, and Holder or any other person so designated to be named therein shall be deemed to have become a holder of record of
such shares for all purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price (or
by cashless exercise, if permitted) and all taxes required to be paid by the Holder, if any, pursuant to Section 2(d)(vi) prior
to the issuance of such shares, having been paid. If the Company fails for any reason to deliver to the Holder the Warrant Shares
subject to a Notice of Exercise by the second Trading Day following 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 (increasing to $20 per Trading
Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after the second Trading Day
following such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise.

 

     

     

    

 

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

 

iii.            Rescission Rights. If the Company fails to cause its transfer
agent to deliver to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will
have the right to rescind such exercise; provided, however, that the Holder shall be required to return any Warrant Shares
or Common Stock subject to any such rescinded exercise notice concurrently with the return to Holder of the aggregate Exercise Price paid
to the Company for such Warrant Shares and the restoration of Holder’s right to acquire such Warrant Shares pursuant to this Warrant
(including, issuance of a replacement warrant certificate evidencing such restored right).

 

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

 

     

     

    

 

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

 

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

 

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

 

viii.            Signature. This Section 2 and the exercise form attached
hereto set forth the totality of the procedures required of the Holder in order to exercise this Purchase Warrant.  Without limiting
the preceding sentences, no ink-original exercise form shall be required, nor shall any medallion guarantee (or other type of guarantee
or notarization) of any exercise form be required in order to exercise this Purchase Warrant.  No additional legal opinion, other
information or instructions shall be required of the Holder to exercise this Purchase Warrant.  The Company shall honor exercises
of this Purchase Warrant and shall deliver Shares underlying this Purchase Warrant in accordance with the terms, conditions and time periods
set forth herein.

 

     

     

    

 

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

 

     

     

    

 

Section 3. Certain
Adjustments.

 

a)                 
Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise
makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares
of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this
Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse
stock split) outstanding shares of Common Stock into a smaller number of shares, or (iv) issues by reclassification of shares of the Common
Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the
numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event
and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of
shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant
shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for
the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective
date in the case of a subdivision, combination or re-classification. For the purposes of clarification, the Exercise Price of this Warrant
will not be adjusted in the event that the Company or any Subsidiary thereof, as applicable, sells or grants any option to purchase, or
sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or
other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in
effect.

 

b)                 
[RESERVED]

  

c)                 
Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants,
issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record
holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had
held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise
hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for
the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares
of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, to the extent that the Holder’s
right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder
shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as
a result of such Purchase Right to such extent) and such Purchase Right to such extent shall be held in abeyance for the Holder until
such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation).

 

     

     

    

 

d)                
Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend (other
than cash dividends) or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way
of return of capital or otherwise (including, without limitation, any distribution of shares or other securities, property or options
by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction) (a "Distribution"),
at any time after the issuance of this Warrant, then, in each such case, the Holder shall be entitled to participate in such Distribution
to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable
upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial
Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the
date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided,
however, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the
Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial
ownership of any shares of Common Stock as a result of such Distribution to such extent) and the portion of such Distribution shall be
held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding
the Beneficial Ownership Limitation). To the extent that this Warrant has not been partially or completely exercised at the time of such
Distribution, such portion of the Distribution shall be held in abeyance for the benefit of the Holder until the Holder has exercised
this Warrant.

  

e)                  Fundamental
Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related
transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company, directly or
indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of
its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer
(whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or
exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding
Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification,
reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is
effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one
or more related transactions consummates a stock or share purchase agreement or other business combination (including, without
limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with another Person or group of Persons whereby
such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common
Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or
party to, such stock or share purchase agreement or other business combination) (each a “Fundamental
Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each
Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction,
at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares
of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable by holders of Common Stock as a result of such
Fundamental Transaction for each share of Common Stock for which this Warrant is exercisable immediately prior to such Fundamental
Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any such exercise,
the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration based on the amount
of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction, and the Company shall
apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative value of any different
components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities, cash or property to
be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate Consideration it
receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any successor entity in a
Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing
all of the obligations of the Company under this Warrant in accordance with the provisions of this Section 3(e) 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 and shall, at the option of the Holder, deliver to the Holder in exchange for this Warrant a
security of the Successor Entity evidenced by a written instrument substantially similar in form and substance to this Warrant which
is exercisable for a corresponding number of shares of capital stock of such Successor Entity (or its parent entity) equivalent to
the shares of Common Stock acquirable and receivable upon exercise of this Warrant (without regard to any limitations on the
exercise of this Warrant) prior to such Fundamental Transaction, and with an exercise price which applies the exercise price
hereunder to such shares of capital stock (but taking into account the relative value of the shares of Common Stock pursuant to such
Fundamental Transaction and the value of such shares of capital stock, such number of shares of capital stock and such exercise
price being for the purpose of protecting the economic value of this Warrant immediately prior to the consummation of such
Fundamental Transaction), and which is reasonably satisfactory in form and substance to the Holder. Upon the occurrence of any such
Fundamental Transaction, the Successor Entity shall succeed to, and be substituted for (so that from and after the date of such
Fundamental Transaction, the provisions of this Warrant referring to the “Company” shall refer instead to the Successor
Entity), and may exercise every right and power of the Company and shall assume all of the obligations of the Company under this
Warrant with the same effect as if such Successor Entity had been named as the Company herein.

 

     

     

    

 

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

 

g)                 
Notice to Holder.

 

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

 

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

 

     

     

    

 

Section 4. Transfer
of Warrant.

 

a)                 
Transferability. Pursuant to FINRA Rule 5110(g)(1), neither this Warrant nor any Warrant Shares issued upon exercise of this Warrant
shall be sold, transferred, assigned, pledged, or hypothecated, or be the subject of any hedging, short sale, derivative, put, or call
transaction that would result in the effective economic disposition of the securities by any person for a period of 180 days immediately
following the date of effectiveness or commencement of sales of the offering pursuant to which this Warrant is being issued, except the
transfer of any security:

 

i.                       
by operation of law or by reason of reorganization of the Company;

 

ii.                       
to any FINRA member firm participating in the offering and the officers or partners thereof, if all securities so transferred remain subject
to the lock-up restriction in this Section 4(a) for the remainder of the time period;

 

iii.                       
if the aggregate amount of securities of the Company held by the Holder or related person do not exceed 1% of the securities being offered;

 

iv.                       
that is beneficially owned on a pro-rata basis by all equity owners of an investment fund, provided that no participating member
manages or otherwise directs investments by the fund, and participating members in the aggregate do not own more than 10% of the
equity in the fund; or

 

v.                       
the exercise or conversion of any security, if all securities received remain subject to the lock-up restriction in this Section 4(a)
for the remainder of the time period.

 

     

     

    

 

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

 

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

 

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

 

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

 

     

     

    

 

Section 5. Registration
Rights.

 

5.1. Demand Registration.

 

5.1.1          Grant
of Right. The Company, upon written demand (a “Demand Notice”) of the Holder(s) of at least 51% of the Warrants and/or the
underlying Warrant Shares (“Majority Holders”), agrees to register, on one occasion, all or any portion of the Warrant Shares
underlying the Warrants (collectively, the “Registrable Securities”). On such occasion, the Company will file a registration
statement with the Commission covering the Registrable Securities within sixty (60) days after receipt of a Demand Notice and use its
reasonable best efforts to have the registration statement declared effective promptly thereafter, subject to compliance with review by
the Commission; provided, however, that the Company shall not be required to comply with a Demand Notice if the Company has filed a registration
statement with respect to which the Holder is entitled to piggyback registration rights pursuant to Section 5.2 hereof and either: (i)
the Holder has elected to participate in the offering covered by such registration statement or (ii) if such registration statement relates
to an underwritten primary offering of securities of the Company, until the offering covered by such registration statement has been withdrawn
or until thirty (30) days after such offering is consummated. The demand for registration may be made at any time beginning on the Initial
Exercise Date and expiring on the fifth anniversary of the Effective Date. The Company covenants and agrees to give written notice of
its receipt of any Demand Notice by any Holder(s) to all other registered Holders of the Warrants and/or the Registrable Securities within
ten (10) days after the date of the receipt of any such Demand Notice.

 

5.1.2           Terms.
The Company shall bear all fees and expenses attendant to the registration of the Registrable Securities pursuant to Section 5.1.1, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. The Company agrees to use its reasonable best efforts to cause the filing
required herein to become effective promptly and to qualify or register the Registrable Securities in such States as are reasonably requested
by the Holder(s); provided, however, that in no event shall the Company be required to register the Registrable Securities in a State
in which such registration would cause: (i) the Company to be obligated to register or license to do business in such State or submit
to general service of process in such State, or (ii) the principal stockholders of the Company to be obligated to escrow their shares
of capital stock of the Company. The Company shall cause any registration statement filed pursuant to the demand right granted under Section
5.1.1 to remain effective for a period of at least twelve (12) consecutive months after the date that the Holders of the Registrable Securities
covered by such registration statement are first given the opportunity to sell all of such securities. The Holders shall only use the
prospectuses provided by the Company to sell the Warrant Shares covered by such registration statement, and will immediately cease to
use any prospectus furnished by the Company if the Company advises the Holder that such prospectus may no longer be used due to a material
misstatement or omission. Notwithstanding the provisions of this Section 5.1.2, the Holder shall be entitled to a demand registration
under this Section 5.1.2 on only one (1) occasion and such demand registration right shall terminate on the fifth anniversary of the date
of the Underwriting Agreement (as defined below) in accordance with FINRA Rule 5110(f)(2)(G)(iv).

 

	 	5.2	“Piggy-Back” Registration.

 

5.2.1          Grant
of Right. In addition to the demand right of registration described in Section 5.1 hereof, the Holder shall have the right, for a
period of no more than two (2) years from the Initial Exercise Date in accordance with FINRA Rule 5110(f)(2)(G)(v), to include the
Registrable Securities as part of any other registration of securities filed by the Company (other than in connection with a
transaction contemplated by Rule 145(a) promulgated under the Securities Act or pursuant to Form S-8 or any equivalent form);
provided, however, that if, solely in connection with any primary underwritten public offering for the account of the Company, the
managing underwriter(s) thereof shall, in its reasonable discretion, impose a limitation on the number of Shares which may be
included in the Registration Statement because, in such underwriter(s)’ judgment, marketing or other factors dictate such
limitation is necessary to facilitate public distribution, then the Company shall be obligated to include in such Registration
Statement only such limited portion of the Registrable Securities with respect to which the Holder requested inclusion hereunder as
the underwriter shall reasonably permit. Any exclusion of Registrable Securities shall be made pro rata among the Holders seeking to
include Registrable Securities in proportion to the number of Registrable Securities sought to be included by such Holders;
provided, however, that the Company shall not exclude any Registrable Securities unless the Company has first excluded all
outstanding securities, the holders of which are not entitled to inclusion of such securities in such Registration Statement or are
not entitled to pro rata inclusion with the Registrable Securities.

 

     

     

    

 

5.2.2           Terms.
The Company shall bear all fees and expenses attendant to registering the Registrable Securities pursuant to Section 5.2.1 hereof, but
the Holders shall pay any and all underwriting commissions and the expenses of any legal counsel selected by the Holders to represent
them in connection with the sale of the Registrable Securities. In the event of such a proposed registration, the Company shall furnish
the then Holders of outstanding Registrable Securities with not less than thirty (30) days written notice prior to the proposed date of
filing of such registration statement. Such notice to the Holders shall continue to be given for each registration statement filed by
the Company during the two (2) year period following the Initial Exercise Date until such time as all of the Registrable Securities have
been sold by the Holder. The holders of the Registrable Securities shall exercise the “piggy-back” rights provided for herein
by giving written notice within ten (10) days of the receipt of the Company’s notice of its intention to file a registration statement.
Except as otherwise provided in this Warrant, there shall be no limit on the number of times the Holder may request registration under
this Section 5.2.2; provided, however, that such registration rights shall terminate on the second anniversary of the Initial Exercise
Date.

 

	 	5.3	General Terms

 

5.3.1          Indemnification.
The Company shall indemnify the Holder(s) of the Registrable Securities to be sold pursuant to any registration statement hereunder
and each person, if any, who controls such Holders within the meaning of Section 15 of the Securities Act or Section 20 (a) of the
Exchange Act against all loss, claim, damage, expense or liability (including all reasonable attorneys’ fees and other
expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which any of them may become
subject under the Securities Act, the Exchange Act or otherwise, arising from such registration statement but only to the same
extent and with the same effect as the provisions pursuant to which the Company has agreed to indemnify the Underwriters contained
in Section 5.1 of the Underwriting Agreement between the Underwriters and the Company, dated as of [_____]. The Holder(s) of the
Registrable Securities to be sold pursuant to such registration statement, and their successors and assigns, shall severally, and
not jointly, indemnify the Company, against all loss, claim, damage, expense or liability (including all reasonable attorneys’
fees and other expenses reasonably incurred in investigating, preparing or defending against any claim whatsoever) to which they may
become subject under the Securities Act, the Exchange Act or otherwise, arising from information furnished by or on behalf of such
Holders, or their successors or assigns, in writing, for specific inclusion in such registration statement to the same extent and
with the same effect as the provisions contained in Section 5.2 of the Underwriting Agreement pursuant to which the Underwriters
have agreed to indemnify the Company.

 

     

     

    

 

5.3.2           Exercise
of Warrants. Nothing contained in this Warrant shall be construed as requiring the Holder(s) to exercise their Warrants prior to or after
the initial filing of any registration statement or the effectiveness thereof.

 

5.3.3           Documents
Delivered to Holders. The Company shall furnish to each Holder participating in any of the foregoing offerings and to each underwriter
of any such offering, if any, a signed counterpart, addressed to such Holder or underwriter, of: (i) an opinion of counsel to the Company,
dated the effective date of such registration statement (and, if such registration includes an underwritten public offering, an opinion
dated the date of the closing under any underwriting agreement related thereto), and (ii) a “cold comfort” letter dated the
effective date of such registration statement (and, if such registration includes an underwritten public offering, a letter dated the
date of the closing under the underwriting agreement) signed by the independent registered public accounting firm which has issued a report
on the Company’s financial statements included in such registration statement, in each case covering substantially the same matters
with respect to such registration statement (and the prospectus included therein) and, in the case of such accountants’ letter,
with respect to events subsequent to the date of such financial statements, as are customarily covered in opinions of issuer’s counsel
and in accountants’ letters delivered to underwriters in underwritten public offerings of securities. The Company shall also deliver
promptly to each Holder participating in the offering requesting the correspondence and memoranda described below and to the managing
underwriter, if any, copies of all correspondence between the Commission and the Company, its counsel or auditors and all memoranda relating
to discussions with the Commission or its staff with respect to the registration statement and permit each Holder and underwriter to do
such investigation, upon reasonable advance notice, with respect to information contained in or omitted from the registration statement
as it deems reasonably necessary to comply with applicable securities laws or rules of FINRA. Such investigation shall include access
to books, records and properties and opportunities to discuss the business of the Company with its officers and independent auditors,
all to such reasonable extent and at such reasonable times as any such Holder shall reasonably request.

 

5.3.4           Underwriting
Agreement. The Company shall enter into an underwriting agreement with the managing underwriter(s), if any, selected by any Holders whose
Registrable Securities are being registered pursuant to this Section 5, which managing underwriter shall be reasonably satisfactory to
the Company. Such agreement shall be reasonably satisfactory in form and substance to the Company, each Holder and such managing underwriters,
and shall contain such representations, warranties and covenants by the Company and such other terms as are customarily contained in agreements
of that type used by the managing underwriter. The Holders shall be parties to any underwriting agreement relating to an underwritten
sale of their Registrable Securities and may, at their option, require that any or all the representations, warranties and covenants of
the Company to or for the benefit of such underwriters shall also be made to and for the benefit of such Holders. Such Holders shall not
be required to make any representations or warranties to or agreements with the Company or the underwriters except as they may relate
to such Holders, their Warrant Shares and their intended methods of distribution.

 

5.3.5           Documents
to be Delivered by Holder(s). Each of the Holder(s) participating in any of the foregoing offerings shall furnish to the Company a completed
and executed questionnaire provided by the Company requesting information customarily sought of selling security holders.

 

     

     

    

 

5.3.6           Damages.
Should the registration or the effectiveness thereof required by Sections 5.1 and 5.2 hereof be delayed by the Company or the Company
otherwise fails to comply with such provisions, the Holder(s) shall, in addition to any other legal or other relief available to the Holder(s),
be entitled to obtain specific performance or other equitable (including injunctive) relief against the threatened breach of such provisions
or the continuation of any such breach, without the necessity of proving actual damages and without the necessity of posting bond or other
security.

 

Section 6. Miscellaneous.

 

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

 

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

 

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

 

d)                
Authorized Shares.

 

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

 

     

     

    

 

Except and to
the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its
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 (i) not increase the par value of any Warrant Shares above the amount payable therefor
upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in
order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant
and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.

 

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

 

e)                 
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined
in accordance with the provisions of the underwriting agreement, dated February ___, 2016, by and between the Company and ThinkEquity,
a division of Fordham Financial Management, Inc., as representatives of the underwriters set forth therein (the “Underwriting Agreement”).

 

f)                  
Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, and
the Holder does not utilize cashless exercise, will have restrictions upon resale imposed by state and federal securities laws.

 

g)                 
Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall
operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Underwriting Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant,
which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover
any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred
by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.

 

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

  

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

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

(Signature Page Follows)

 

     

     

    

 

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

 

	 	SAMSARA VISION INC.
	 	 
	 	 
	 	By:	               
	 	 	Name:
	 	 	Title:

 

     

     

    

 

NOTICE OF EXERCISE

 

 

TO:
        samsara vision inc.

_________________________

 

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

 

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

 

[ ] in lawful money of the United States;
or

 

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

 

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

 

_______________________________

 

 

The Warrant Shares shall be delivered to the following
DWAC Account Number or by physical delivery of a certificate to:

 

_______________________________

 

_______________________________

 

_______________________________

 

(4)   Accredited
Investor. If the Warrant is being exercised via cash exercise, the undersigned is an “accredited investor” as defined
in Regulation D promulgated under the Securities Act of 1933, as amended

 

 

[SIGNATURE
OF HOLDER]

 

	Name of Investing Entity:	 

 

	Signature of Authorized Signatory of Investing Entity:	 

 

	Name of Authorized Signatory:	 

 

	Title of Authorized Signatory:	 

 

	Date:	 

 

     

     

    

 

ASSIGNMENT FORM

 

(To assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

 

 

FOR VALUE RECEIVED, [____] all
of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned to

 

 

_______________________________________________
whose address is

 

_______________________________________________________________.

 

 

 

_______________________________________________________________

 

Dated: ______________,
_______

 

 

Holder’s Signature: _____________________________

 

Holder’s Address: _____________________________

 

_____________________________

 

 

NOTE: The signature to this Assignment Form must
correspond with the name as it appears on the face of the Warrant, without alteration or enlargement or any change whatsoever. Officers
of corporations and those acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the
foregoing Warrant.

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