Document:

THIS WARRANT MAY NOT BE TRANSFERRED,
IN WHOLE OR IN PART, EXCEPT IF THE COMPANY HAS BEEN FURNISHED WITH AN OPINION OF LEGAL COUNSEL FOR THE WARRANT HOLDER OR ANY TRANSFEREE,
WHICH OPINION AND COUNSEL SHALL BE REASONABLY SATISFACTORY TO THE COMPANY, CONFIRMING THE AVAILABILITY OF AN EXEMPTION UNDER APPLICABLE
BLUE SKY LAWS IN CONNECTION WITH THE EXERCISE OF SUCH WARRANT FOR CASH BY THE TRANSFEREE, AND ASSURANCES THAT SUCH EXERCISE WILL
BE MADE ONLY IN COMPLIANCE WITH THE CONDITIONS OF ANY SUCH EXEMPTION.

 

COMMON STOCK PURCHASE WARRANT

CYTOMEDIX, INC.

 

	Warrant Shares: 2,884,615	Exercise Date: March 31, 2014
	 	Issue Date:  March 31, 2014

 

THIS COMMON STOCK PURCHASE WARRANT (the
“Warrant”) certifies that, for value received, Anson Investments Master Fund LP (the “Holder”)
is entitled, upon the terms and subject to the limitations on exercise, transfer restrictions and the conditions hereinafter set
forth, at any time on or after the Issue Date and on or prior to the close of business on the five (5) year anniversary of the
Exercise Date (the “Termination Date”) but not thereafter, to subscribe for and purchase from Cytomedix, Inc.,
a Delaware corporation (the “Company”), up to 2,884,615 shares (the “Warrant Shares”) of
Common Stock.

 

Section 1.          Definitions.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Subscription Agreement
(the “Subscription Agreement”), dated March 31, 2014, among the Company and the Subscriber.

 

Section 2.          Exercise.

 

a)               Exercise
of Warrant. Subject to the transfer restrictions set forth hereinbelow, 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 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 of the Notice of Exercise
Form annexed hereto; and, within three (3) Trading Days of the date said Notice of Exercise is delivered to the Company, the Company
shall have received payment of the aggregate Exercise Price of the shares thereby purchased by wire transfer or cashier’s
check drawn on a United States bank or, if available, pursuant to the cashless exercise procedure specified in Section 2(c) below.
Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company
until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which
case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final
Notice of Exercise is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total
number of Warrant Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable
hereunder in an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records
showing the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice
of Exercise Form within 1 Business Day of receipt of such notice. In the event of any dispute or discrepancy, the records of the
Holder shall be controlling and determinative in the absence of manifest error. 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 $0.52, subject to adjustment hereunder
(the “Exercise Price”).

 

c)               Cashless
Exercise. Notwithstanding anything contained herein to the contrary (other than Section 1(e) below), if, at the time of exercise
hereof, the registration statement covering the resale the securities underlying the Warrants is not effective (or the prospectus
contained therein is not available for use) for the issuance by the Company to the Holder of all of the Warrant Shares, then the
Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of making the cash payment otherwise
contemplated to be made to the Company, elect instead to receive upon such exercise the “Net Number” of shares of Common
Stock determined according to the following formula pursuant to which the Holder shall be entitled to receive a certificate for
the number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:

 

(A) =      the
VWAP on the Trading Day immediately preceding the date on which Holder elects to exercise this Warrant by means of a “cashless
exercise,” as set forth in the applicable Notice of Exercise;

 

(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.

 

    	 

    	 

    

 

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

 

d)             Mechanics
of Exercise.

 

i.            Delivery
of Certificates Upon Exercise. Certificates for shares purchased hereunder shall be transmitted by the Transfer Agent to the
Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company through its Deposit Withdrawal
Agent Commission (“DWAC”) system if the Company is then a participant in such system and either (A) there is
an effective Registration Statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by Holder
or (B) this Warrant is being exercised via cashless exercise, and otherwise by physical delivery to the address specified by the
Holder in the Notice of Exercise by the date that is three (3) Trading Days after the latest of (A) the delivery to the Company
of the Notice of Exercise Form, (B) surrender of this Warrant (if required) and (C) payment of the aggregate Exercise Price as
set forth above (including by cashless exercise, if permitted) (such date, the “Warrant Share Delivery Date”).
This Warrant shall be deemed to have been exercised on the first date on which all of the foregoing have been delivered to the
Company. 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.

 

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 certificate or certificates representing Warrant
Shares, deliver to Holder a new Warrant evidencing the rights of Holder to purchase the unpurchased Warrant Shares called for by
this Warrant, which new Warrant shall in all other respects be identical with this Warrant.

 

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

 

iv.         Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise. In addition to any other rights available to the Holder,
if the Company fails to cause the Transfer Agent to transmit to the Holder a certificate or the certificates representing 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 certificates representing 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 certificates for 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 certificate, all of which taxes and expenses shall
be paid by the Company, and such certificates 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 certificates for 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.

  

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.

 

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 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 9.9% 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 not less than 61 days’ prior 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 such increase or decrease 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. “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.

  

    	 

    	 

    

 

Section 3.          Certain
Adjustments.

 

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

 

b)               Pro
Rata Distributions. If the Company, at any time while this Warrant is outstanding, shall distribute to all holders of Common
Stock (and not to the Holders) evidences of its indebtedness or assets (including cash and cash dividends) or rights or warrants
to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 3(b)), then in each such
case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior to the record date fixed
for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall be the VWAP
determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date less the then
per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed applicable
to one outstanding share of the Common Stock as determined by the Board of Directors in good faith. In either case the adjustments
shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness so distributed or
such subscription rights applicable to one share of Common Stock. Such adjustment shall be made whenever any such distribution
is made and shall become effective immediately after the record date mentioned above.

 

    	 

    	 

    

 

c)               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 (excluding such transactions effected
for the primary purposes of redomestication of the Company), (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, or (iv)
the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other
business combination (including, without limitation, a reorganization, recapitalization, spin-off or scheme of arrangement) with
another Person whereby such other Person acquires more than 50% of the outstanding shares of Common Stock (not including any shares
of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons
making or party to, such stock or share purchase agreement or other business combination) (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 (subject to the limitation of Section
2(e)), and any additional consideration (the “Alternate Consideration”) receivable as a result of such Fundamental
Transaction by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such
Fundamental Transaction (without regard to any limitation in Section 2(e) on the exercise of this Warrant). For purposes of any
such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration. If holders of Common Stock are given any choice as to the securities,
cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to the Alternate
Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction. The Company shall cause any
Successor Entity (as defined below) in a Fundamental Transaction in which the Company is not the survivor to assume in writing
all of the obligations of the Company under this Warrant and the other Transaction Documents in accordance with the provisions
of this Section 3(e) pursuant to written agreements in form and substance reasonably satisfactory to the Holder and approved by
the Holder (without unreasonable delay) prior to such Fundamental Transaction and shall, at the option of the holder of this Warrant,
deliver to the Holder in exchange for this Warrant a security of the Successor Entity evidenced by a written instrument substantially
similar in form and substance to this Warrant which is exercisable for a corresponding number of shares of capital stock of such
Successor Entity (or its parent entity) equivalent to the shares of Common Stock acquirable and receivable upon exercise of this
Warrant (without regard to any limitations on the exercise of this Warrant) prior to such Fundamental Transaction, and with an
exercise price which applies the exercise price hereunder to such shares of capital stock (but taking into account the relative
value of the shares of Common Stock pursuant to such Fundamental Transaction and the value of such shares of capital stock, such
number of shares of capital stock and such exercise price being for the purpose of protecting the economic value of this Warrant
immediately prior to the consummation of such Fundamental Transaction), and which is reasonably satisfactory in form and substance
to the Holder. Upon the occurrence of any such Fundamental Transaction, the Successor Entity shall succeed to, and be substituted
for (so that from and after the date of such Fundamental Transaction, the provisions of this Warrant and the other Transaction
Documents referring to the “Company” shall refer instead to the Successor Entity), and may exercise every right and
power of the Company and shall assume all of the obligations of the Company under this Warrant and the other Transaction Documents
with the same effect as if such Successor Entity had been named as the Company herein. Notwithstanding
anything to the contrary contained in this Warrant but only up to the eighteen (18) month anniversary of the Warrant issuance and
in the event of a Fundamental Transaction that is (1) an all cash transaction, or (2) a Fundamental Transaction involving a Person
not traded on an Eligible Market (as defined below), which results in securities that are not listed on an Eligible Market being
issued to Holder, at the request of the Holder delivered at any time commencing on date of the consummation of any Fundamental
Transaction through the date that is thirty (30) days after the public disclosure of the consummation of such Fundamental Transaction
by the Company pursuant to a Current Report on Form 8-K filed with the Commission, the Company or the Successor Entity (as the
case may be) shall purchase this Warrant from the Holder on the date of such request by paying to the Holder an amount equal to
(x) the Black Scholes Value . Any such payment of such amount of such applicable Black Scholes Value shall be made in the same
form of consideration (whether securities, cash or property) as is given to the holders of Common Stock in such Fundamental Transaction,
and if multiple forms of consideration are given, the consideration shall be paid to the Holder in the same proportion as such
consideration is paid to the holders of Common Stock. The value attributable to any such consideration other than cash shall be
as set forth in the definitive documents governing the Fundamental Transaction. As used herein, (W) “Black Scholes Value”
means the value of the unexercised portion of this Warrant remaining on the date of the Holder’s request pursuant to Section
3(c), which value is calculated using the Black Scholes Option Pricing Model obtained from the “OV” function on Bloomberg,
L.P. (“Bloomberg”) utilizing (i) an underlying price per share equal to the greater of (1) the highest closing sale
price of the Common Stock during the period beginning on the Trading Day immediately preceding the earliest to occur of (x) the
public disclosure of the applicable Fundamental Transaction, (y) the consummation of the applicable Fundamental Transaction and
(z) the date on which the Holder first became aware of the applicable Fundamental Transaction and ending on the Trading Day of
the Holder’s request pursuant to Section 3(c) and (2) the sum of the price per share being offered in cash in the applicable
Fundamental Transaction (if any) plus the value of the non-cash consideration per share being offered in the applicable Fundamental
Transaction (if any), (ii) a strike price equal to the Exercise Price in effect on the date of the Holder’s request pursuant
to Section 3(c), (iii) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the greater of (1)
the remaining term of this Warrant as of the date of the Holder’s request pursuant to Section 3(c) and (2) the remaining
term of this Warrant as of the date of consummation of the applicable Fundamental Transaction and (iv) an expected volatility equal
to the lesser of 100% and the 100 day volatility obtained from the HVT function on Bloomberg (determined utilizing a 365 day annualization
factor) as of the Trading Day immediately following the earliest to occur of (x) the public disclosure of the applicable Fundamental
Transaction, and (y) the consummation of the applicable Fundamental Transaction, (X) “Successor Entity” means the person
(or, if so elected by the Holder, the Parent Entity (as defined below)) formed by, resulting from or surviving any Fundamental
Transaction or the Person (or, if so elected by the Holder, the Parent Entity) with which such Fundamental Transaction shall have
been entered into, (Y) “Eligible Market” means the NYSE Amex, The NASDAQ Capital Market, The NASDAQ Global Market,
The NASDAQ Global Select Market, the New York Stock Exchange or the OTC Bulletin Board (or any successors to any of the foregoing)
and (Z) “Parent Entity” of a Person means an entity that, directly or indirectly, controls the applicable Person and
whose common stock or equivalent equity security is quoted or listed on an Eligible Market.

 

    	 

    	 

    

 

d)            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.

 

e)            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 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 (or send via electronic email
or facsimile) 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, a notice stating (x) the date on which a record is
to be taken for the purpose of such dividend, distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of the Common Stock of record to be entitled to such dividend, distributions, redemption, rights
or warrants are to be determined or (y) the date on which such reclassification, consolidation, merger, sale, transfer or share
exchange is expected to become effective or close, and the date as of which it is expected that holders of the Common Stock of
record shall be entitled to exchange their shares of the Common Stock for securities, cash or other property deliverable upon such
reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure to mail such notice or any
defect therein or in the mailing thereof 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.          Restrictions
on Transfer of Warrant.

 

a)               This
Warrant has been acquired for investment purposes and not with a view to distribution or resale and no transfer, sale, assignment,
pledge, hypothecation or other disposition of this Warrant or any interest therein may be made except (a) in compliance with applicable
Blue Sky Laws or (b) the Company has been furnished with an opinion of legal counsel for the warrant holder or any transferee,
which opinion and counsel shall be reasonably satisfactory to the Company, confirming the availability of an exemption under applicable
Blue Sky laws in connection with the exercise of such warrant for cash by the transferee, and assurances that such exercise will
be made only in compliance with the conditions of any such exemption. 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 and in compliance with all applicable State Blue Sky laws.

 

b)               Subject
to the transfer restrictions set forth in Section 4(a) hereinabove, this Warrant and all rights hereunder 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. 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.

  

    	 

    	 

    

 

c)               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 Sections 4(a) and (b), 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
set forth on the first page of this Warrant and shall be identical with this Warrant except as to the number of Warrant Shares
issuable pursuant thereto.

 

d)               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.

 

Section 5.          Miscellaneous.

 

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

 

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

 

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

 

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 executing stock certificates to execute and issue the necessary certificates for the
Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as
may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or
regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company 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 Subscription 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 Holder’s rights, powers or remedies. Without limiting any other provision
of this Warrant or the Subscription 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 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 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 Subscription Agreement.

  

i)               Limitation
of Liability. No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant to purchase
Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of 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
of the Warrant.

 

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 Pages Follow)

 

    	 

    	 

    

  

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.

 

	 	CYTOMEDIX, INC.	 
	 	 	 	 
	 	By:	 /s/ Martin Rosendale	 
	 	 	Name: Martin Rosendale	 
	 	 	Title: Chief Executive Officer	 

 

    	 

    	 

    

 

NOTICE OF EXERCISE

 

TO:               CYTOMEDIX,
INC.

 

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

 

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

 

 ̈ in lawful
money of the United States; or

 

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

 

(3) Please issue a certificate or certificates
representing 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:

 

	 	 
	 	 
	 	 
	 	 
	 	 
	 	 

  

[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:	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

	Signature Guaranteed:	 	 	 
	 	 	 	 

  

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, and must be
guaranteed by a bank or trust company. Officers of corporations and those acting in a fiduciary or other representative capacity
should file proper evidence of authority to assign the foregoing Warrant.

 

    	15THIS
SUBSCRIPTION AGREEMENT IS EXECUTED IN RELIANCE UPON THE EXEMPTION PROVIDED BY SECTION 4(2) AND REGULATION D, RULE 506 FOR TRANSACTIONS
NOT INVOLVING A PUBLIC OFFERING UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THIS OFFERING
IS BEING MADE TO ACCREDITED INVESTORS PURSUANT TO REGULATION D PROMULGATED UNDER THE SECURITIES ACT. NONE OF THE SECURITIES TO
WHICH THIS SUBSCRIPTION RELATES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT, OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO
REGISTERED, NONE MAY BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION D OR UNDER
THE SECURITIES ACT, PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN EACH CASE ONLY IN ACCORDANCE
WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN
ACCORDANCE WITH THE SECURITIES ACT.

 

CYTOMEDIX, INC.

 

SUBSCRIPTION AGREEMENT

 

SUBSCRIPTION AGREEMENT
(“Subscription Agreement”) made as of this 31st day of March, 2014 between Cytomedix, Inc., a Delaware corporation
(the “Company”), and Anson Investments Master Fund LP (the “Subscriber”).

 

WHEREAS,
the Company is conducting a private offering (the “Offering”) of 3,846,154 shares of the Company’s common stock
(the “Shares”) and 2,884,615 warrants to purchase shares of the Company’s common stock (the “Warrants”)
(and, together, the shares of the Company’s common stock issuable upon exercise of such warrants (the “Warrant Shares”),
with the “Shares”, the “Securities”), in consideration of the aggregate purchase price of $2,000,000 (“Purchase
Price”). The Offering is being made exclusively to accredited investor(s) pursuant to an exemption from registration provided
under Section 4(2) of the Securities Act of 1933, as amended (the “Securities Act”) and Rule 506 promulgated thereunder;
and

 

WHEREAS,
the Subscriber desires to purchase that number of the Shares and the Warrants set forth on such signature page hereof on the terms
and conditions hereinafter set forth.

 

NOW,
THEREFORE, in consideration of the premises and the mutual representations and covenants hereinafter set forth, the parties hereto
do hereby agree as follows:

 

		I.	SUBSCRIPTION; COVENANTS OF THE COMPANY

 

1.1       Subscription for
Securities. Subject to the terms and conditions hereinafter set forth, the Subscriber hereby irrevocably subscribes for and agrees
to purchase from the Company, and the Company agrees to sell to the Subscriber, such number of Shares as is set forth on the signature
page hereof. The purchase price is payable by wire transfer to the Company in accordance with the wire instructions set forth on
Exhibit B attached hereto.

 

1.2       Offering
Period. The Securities will be offered for sale until the earlier to occur (i) the sale of the Maximum Offering Amount, or (ii)
March 31, 2014 (subject to the right of the Company to extend the Offering for an additional 30 days without further notice) (the
“Termination Date”). The Offering is being conducted on a “best-efforts” basis.

 

    	1

    	 

    

 

1.3       Closing.
The Company may hold a closing (“Closing”) at any time after the receipt of the Purchase Price from the Subscriber
prior to the Termination Date. Any subscription documents or funds received after the Closing will be returned, without interest
or deduction. In the event that the any Closing does not occur prior to the Termination Date, all amounts paid by the Subscriber
shall be returned to the Subscriber, without interest or deduction.

 

		II.	REPRESENTATIONS AND WARRANTIES OF THE SUBSCRIBER

 

The Subscriber represents
and warrants to the Company, with the intent that the Company will rely thereon, that:

 

2.1       Accredited Investor.
The Subscriber is an “accredited investor” as such term is defined in Rule 501 of Regulation D promulgated under the
Securities Act, it is able to bear the economic risk of any investment in the Securities and the information furnished in the accompanying
investor questionnaire, which is attached hereto as Exhibit A, is accurate and complete in all material respects.

 

2.2       Reliance
on Exemptions. The Subscriber acknowledges that the Offering has not been reviewed by the Securities and Exchange Commission (the
“Commission”) or any state agency because it is intended to be an offering exempt from the registration requirements
of the Securities Act and state securities laws. The Subscriber understands that the Company is relying in part upon the truth
and accuracy of, and the Subscriber’s compliance with the representations, warranties, agreements, acknowledgments and understandings
of the Subscriber set forth herein in order to determine the availability of such exemptions and the eligibility of the Subscriber
to acquire the Shares.

 

2.3       Investment
Purpose. The Subscriber is purchasing the Securities as principal for its own account. The Subscriber is purchasing the Securities
for investment purposes only and not with an intent or view towards further sale or distribution (as such term is used in Section
2(11) of the Securities Act) thereof, and has not pre-arranged any sale with any other purchaser and has no plans to enter into
any such agreement or arrangement. 

 

2.4       Risk
of Investment. The Subscriber recognizes that the purchase of the Securities involves a high degree of risk in that: (a) an investment
in the Company is highly speculative and only investors who can afford the loss of their entire investment should consider investing
in the Company and the Securities; (b) transferability of the Shares, the Warrants and the Warrant Shares are limited; and (c)
the Company may require substantial additional funds to operate its business and subsequent equity financings will dilute the ownership
and voting interests of Subscriber. Without limiting the generality of the representations set forth in herein, the Subscriber
represents that the Subscriber has carefully reviewed the Risk Factors set forth in the Company’s Annual Report on Form 10-K
(Exhibit C hereto). The Subscriber has received, read carefully and is familiar with this Subscription Agreement and exhibits thereto.

 

2.5       No
Registration. The Securities have not been registered under the Securities Act or any state securities laws and may not be transferred,
sold, assigned, hypothecated or otherwise disposed of unless registered under the Securities Act and applicable state securities
laws or unless an exemption from such registration is available (including, without limitation, under Rule 144 of the Securities
Act, as such rule may be amended, or any similar rule or regulation hereafter adopted by the Commission having substantially the
same effect (“Rule 144”)). The Subscriber represents and warrants and hereby agrees that all offers and sales of the
Shares shall be made only pursuant to such registration or to such exemption from registration.

 

    	2

    	 

    

 

2.6       Prior
Investment Experience. The Subscriber is sufficiently experienced in financial and business matters to be capable of evaluating
the merits and risks of its investments, and to make an informed decision relating thereto, and to protect its own interests in
connection with the purchase of the Securities.

 

2.7       Information.
The Subscriber acknowledges careful review of this Subscription Agreement, including and all other exhibits thereto (collectively,
the “Offering Documents”) as well as the Company’s filings with the Commission, as required pursuant to the Securities
and Exchange Act of 1934, as amended (the “Exchange Act”), all of which the undersigned acknowledges have been provided
to the undersigned. The undersigned has been given the opportunity to ask questions of, and receive answers from, the Company concerning
the terms and conditions of this Offering and the Offering Documents and to obtain such additional information, to the extent the
Company possesses such information or can acquire it without unreasonable effort or expense, necessary to verify the accuracy of
same as the undersigned reasonably desires in order to evaluate the investment. The undersigned understands the Offering Documents,
and the undersigned has had the opportunity to discuss any questions regarding any of the Offering Documents with its counsel or
other advisor. Notwithstanding the foregoing, the only information upon which the undersigned has relied is that set forth in the
Offering Documents. The undersigned has received no representations or warranties from the Company, its employees, agents or attorneys
in making this investment decision other than as set forth in the Offering Documents. The undersigned does not desire to receive
any further information.

 

2.8Investment Decision.
In making the decision to invest in the Securities the Subscriber has relied solely upon the information provided by the Company
in the Offering Materials. To the extent necessary, the Subscriber has retained, at its own expense, and relied upon appropriate
professional advice regarding the investment, tax and legal merits and consequences of this Subscription Agreement and the purchase
of the Securities hereunder. The Subscriber disclaims reliance on any statements made or information provided by any person or
entity in the course of Subscriber’s consideration of an investment in the Securities other than the Offering Documents.

 

2.9       No
Representations. The Subscriber hereby represents that, except as expressly set forth in the Offering Documents, no representations
or warranties have been made to the Subscriber by the Company or any agent, employee or affiliate of the Company, and in entering
into this transaction the Subscriber is not relying on any information other than that contained in the Offering Documents and
the results of independent investigation by the Subscriber.

 

2.10      Tax
Consequences. The Subscriber acknowledges that the Offering may involve tax consequences and that the contents of the Offering
Documents do not contain tax advice or information. The Subscriber acknowledges that it must retain its own professional advisors
to evaluate the tax and other consequences of an investment in the Securities or the Securities comprising the Securities (universal
change, as needed).

 

2.11      No
Recommendation or Endorsement. The Subscriber understands that no federal, state or other regulatory authority has passed on or
made any recommendation or endorsement of the Securities or the Securities comprising the Securities (universal change, as needed).
Furthermore, the foregoing authorities have not confirmed the accuracy or determined the adequacy of this Subscription Agreement.
Any representation to the contrary is a criminal offense.

 

2.12      No
General Solicitation. The Subscriber represents that the Subscriber was not induced to invest by any form of general solicitation
or general advertising including, but not limited to, the following: (a) any advertisement, article, notice or other communication
published in any newspaper, magazine or similar media or broadcast over the news or radio; and (b) any seminar or meeting whose
attendees were invited by any general solicitation or advertising.

 

    	3

    	 

    

 

2.13      The
Subscriber. The Subscriber (i) if a natural person, represents that the Subscriber has reached the age of 21 and has full power
and authority to execute and deliver this Subscription Agreement and all other related agreements or certificates and to carry
out the provisions hereof and thereof; (ii) if a corporation, partnership, or limited liability company or partnership, or association,
joint stock company, trust, unincorporated organization or other entity, represents that such entity was not formed for the specific
purpose of acquiring the Securities, such entity is duly organized, validly existing and in good standing under the laws of the
state of its organization, the consummation of the transactions contemplated hereby is authorized by, and will not result in a
violation of state law or its charter or other organizational documents, such entity has full power and authority to execute and
deliver this Subscription and all other related agreements or certificates and to carry out the provisions hereof and thereof and
to purchase and hold the Securities, the execution and delivery of this Subscription has been duly authorized by all necessary
action, this Subscription Agreement has been duly executed and delivered on behalf of such entity and is a legal, valid and binding
obligation of such entity; or (iii) if executing this Subscription Agreement in a representative or fiduciary capacity, represents
that it has full power and authority to execute and deliver this Subscription in such capacity and on behalf of the subscribing
individual, ward, partnership, trust, estate, corporation, or limited liability company or partnership, or other entity for whom
the Subscriber is executing this Subscription Agreement, and such individual, partnership, ward, trust, estate, corporation, or
limited liability company or partnership, or other entity has full right and power to perform pursuant to this Subscription and
make an investment in the Company, and represents that this Subscription constitutes a legal, valid and binding obligation of such
entity. The execution and delivery of this Subscription Agreement will not violate or be in conflict with any order, judgment,
injunction, agreement or controlling document to which the Subscriber is a party or by which it is bound;

 

2.14      Legends. The
Subscriber consents to the placement of a legend on any certificate or other document evidencing the Shares, that such securities
have not been registered under the Securities Act or any state securities or “blue sky” laws and setting forth or referring
to the restrictions on transferability and sale thereof contained in this Subscription Agreement. The Subscriber is aware that
the Company will make a notation in its appropriate records with respect to the restrictions on the transferability of such Securirites.
The legend to be placed on each certificate shall be in form substantially similar to the following:

 

 

THESE SECURITIES HAVE
BEEN ISSUED PURSUANT TO THE EXEMPTION FROM THE REGISTRATION PROVISIONS UNDER THE SECURITIES ACT OF 1933, AS AMENDED PROVIDED BY
RULE 506 OF REGULATION D UNDER SUCH ACT AND/OR SECTION 4(2) OF SUCH ACT. THESE SECURITIES CANNOT BE TRANSFERRED, OFFERED, OR SOLD
UNLESS THE SECURITIES ARE REGISTERED UNDER THE SECURITIES ACT OR AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT IS AVAILABLE.

  

The
legend set forth above shall be removed and the Company shall issue a certificate without such legend to the holder of the Securities
upon which it is stamped, if (a) such Securities are being sold pursuant to a registration statement under the Securities Act,
(b) such holder delivers to the Company an opinion of counsel, in a reasonably acceptable form, to the Company that a disposition
of the Securities is being made pursuant to an exemption from such registration, or (c) such holder provides the Company with reasonable
assurance that a disposition of the Securities may be made pursuant to the Rule 144 under the Securities Act without any restriction
as to the number of securities acquired as of a particular date that can then be immediately sold.

 

    	4

    	 

    

 

2.15      Address.
The Subscriber hereby represents that the address of the Subscriber furnished by the Subscriber at the end of this Subscription
Agreement is the undersigned’s principal residence if the Subscriber is an individual or its principal business address if
it is a corporation or other entity.

 

2.16      Survival.
The representations and warranties of the Subscriber contained herein will be true at the date of execution of this Subscription
Agreement by the Subscriber and as of the Closing in all material respects as though such representations and warranties were made
as of such times and shall survive the Closing and the delivery of the Securities. The Subscriber agrees that it will notify and
supply corrective information to the Company immediately upon the occurrence of any change therein occurring prior to the Company’s
issuance of the Securities.

 

		III.	USE OF PROCEEDS

 

The
proceeds of the Offering will be employed by the Company substantially for general corporate and working capital purposes.

 

		IV.	INDEMNIFICATION

 

3.1        The
Subscriber agrees to indemnify and hold harmless the Company, if any, against and in respect of any and all loss, liability, claim,
damage, deficiency, and all actions, suits, proceedings, demands, assessments, judgments, costs and expenses whatsoever (including,
but not limited to, attorneys' fees reasonably incurred in investigating, preparing, or defending against any litigation commenced
or threatened or any claim whatsoever through all appeals) arising out of or based upon any false representation or warranty or
breach or failure by the Subscriber to comply with any covenant, representation or other provision made by it herein or in any
other document furnished by it in connection with this Subscription Agreement, provided, however, that such indemnity, shall in
no event exceed the net proceeds received by the Company from the Subscriber as a result of the sale of Securities to the Subscriber.

 

3.2        The
Company agrees to indemnify and hold harmless the Subscriber against and in respect of any and all loss, liability, claim, damage,
deficiency, and all actions, suits, proceedings, demands, assessments, judgments, costs and expenses whatsoever (including, but
not limited to, attorneys' fees reasonably incurred in investigating, preparing, or defending against any litigation commenced
or threatened or any claim whatsoever through all appeals) arising out of or based upon any false representation or warranty or
breach or failure by the Company to comply with any covenant, representation or other provision made by it herein or in any other
document furnished by it in connection with this Subscription Agreement.

 

		V.	REGISTRATION RIGHTS.

 

The
Subscriber shall have registration rights with respect to the Shares and the Warrant Shares issued and held of record by the Subscriber,
as set forth in greater detail in the Registration Rights Agreement attached hereto as Exhibit E.

 

		VI.	LOCK-UP RESTRICTIONS.

 

The
Subscriber shall enter execute a Lock-up Agreement substantially in the form set forth in Exhibit D hereto. 

 

    	5

    	 

    

 

		VII.	MISCELLANEOUS

 

6.1        Notice.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Subscription Agreement
must be in writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally, (b) upon receipt, when
sent by facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending
party), or (c) one (1) business day after deposit with an overnight courier service, in each case properly addressed to the party
to receive the same. The addresses and facsimile numbers for such communications shall be:

 

		To the Company:	Cytomedix, Inc.

209
Perry Parkway, Suite 7

Gaithersburg,
MD 20877 

Attention:
Steven A. Shallcross, CFO

Tel:
(240) 499-2680

 

If
to the Subscriber, to its address and facsimile number set forth at the end of this Subscription Agreement, or to such other address
and/or facsimile number and/or to the attention of such other person as specified by written notice given to the Company five (5)
days prior to the effectiveness of such change. Written confirmation of receipt (a) given by the recipient of such notice, consent,
waiver or other communication, (b) mechanically or electronically generated by the sender’s facsimile machine containing
the time, date, recipient facsimile number and an image of the first page of such transmission, or (c) provided by an overnight
courier service shall be rebuttable evidence of personal service, receipt by facsimile or receipt from an overnight courier service
in accordance with clause (a), (b) or (c) above, respectively.

 

6.2        Entire
Agreement; Amendment; Waiver. This Subscription Agreement supersedes all other prior oral or written agreements between the Subscriber,
the Company, their affiliates and persons acting on their behalf with respect to the matters discussed herein, and this Subscription
Agreement and the instruments referenced herein contain the entire understanding of the parties with respect to the matters covered
herein and therein and, except as specifically set forth herein or therein, neither the Company nor the Subscriber makes any representation,
warranty, covenant or undertaking with respect to such matters. No provision of this Subscription Agreement may be amended or waived
other than by an instrument in writing signed by the Company and the holders of at least a majority of the Securities then outstanding
(or if prior to the closing, the Subscribers purchasing at least a majority of the Securities to be purchased at the closing).
No such amendment shall be effective to the extent that it applies to less than all of the holders of the Securities then outstanding.

 

6.3        Severability.
If any provision of this Subscription Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability
shall not affect the validity or enforceability of the remainder of this Subscription Agreement in that jurisdiction or the validity
or enforceability of any provision of this Subscription Agreement in any other jurisdiction.

 

6.4        Governing
Law; Jurisdiction; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State
of Delaware, without giving effect to conflicts of law principles.

 

6.5        Headings.
The headings of this Subscription Agreement are for convenience of reference and shall not form part of, or affect the interpretation
of, this Subscription Agreement.

 

6.6        Successors
and Assigns. This Subscription Agreement shall be binding upon and inure to the benefit of the parties and their respective successors
and assigns. The Company shall not assign this Subscription Agreement or any rights or obligations hereunder without the prior
written consent of the holders of at least a majority the Securities then outstanding, except by merger or consolidation. The Subscriber
shall not assign its rights hereunder without the consent of the Company, which consent shall not be unreasonably withheld.

 

    	6

    	 

    

 

6.7        No
Third Party Beneficiaries. This Subscription Agreement is intended for the benefit of the parties hereto and their respective permitted
successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

6.8        Further
Assurances. Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute
and deliver all such other agreements, certificates, instruments and documents, as the other party may reasonably request in order
to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

6.9        Legal
Effect. The Subscriber acknowledges that: (a) it has read this Agreement and the exhibits hereto; and (b) it understands the terms
and consequences of this Agreement and is fully aware of its legal and binding effect.

 

6.10      No
Strict Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their
mutual intent, and no rules of strict construction will be applied against any party.

 

6.11      Independent
Legal Advice. The parties hereto acknowledge that they have each received independent legal advice with respect to the terms of
this Agreement and the transactions contemplated herein or have knowingly and willingly elected not to do so

 

6.12      Counterparts.
This Agreement may be executed in two or more counterparts each of which shall be deemed an original, but all of which shall together
constitute one and the same instrument. In the event that any signature is delivered by facsimile transmission or by e-mail delivery
of a “.pdf” format data file, such signature shall create a valid and binding obligation of the party executing (or
on whose behalf such signature is executed) with the same force and effect as if such facsimile or “.pdf” signature
page were an original thereof.

 

[Signature
page follows]

 

    	7

    	 

    

 

	Shares of Common Stock -	 	$2,000,000 (the “Purchase Price”)
	 	 	 
		 	 
	Signature	 	Signature (if purchasing jointly)
	 	 	 
	  	 	 
	Name Typed or Printed	 	Name Typed or Printed
	 	 	 
		 	 
	Title (if Subscriber is an Entity)	 	Title (if Subscriber is an Entity)
	 	 	 
		 	 
	Entity Name (if applicable)	 	Entity Name (if applicable)
	 	 	 
	 	 	 
	Address	 	Address
	 	 	 
	 	 	 
	City, State and Zip Code	 	City, State and Zip Code
	 	 	 
	 	 	 
	Telephone-Business	 	Telephone-Business
	 	 	 
	 	 	 
	Telephone-Residence	 	Telephone-Residence
	 	 	 
	 	 	 
	Facsimile-Business	 	Facsimile-Business
	 	 	 
	 	 	 
	Facsimile-Residence	 	Facsimile-Residence
	 	 	 
	 	 	 
	Tax ID # or Social Security #	 	Tax ID # or Social Security #
	 	 	 
	 	 	 
	Name in which Shares should be issued:

	 
	 
	 	 	 
	Dated:March
31, 2014

	 	 

  

    	8

    	 

    

 

This
Subscription Agreement is agreed to and accepted as of March 31, 2014.

 

	CYTOMEDIX, INC.	 
	 	 	 
	By: 	/s/
    Martin P. Rosendale	 
	Name	Martin P. Rosendale, CEO	 
	Title:	Chief Executive Officer	 

  

    	9

    	 

    

 

CERTIFICATE
OF SIGNATORY

 

(To
be completed if Securities are

being
subscribed for by an entity)

 

 

I,
____________________________, am the ____________________________ of __________________________________________ (the “Entity”).

 

I
certify that I am empowered and duly authorized by the Entity to execute and carry out the terms of the Subscription Agreement
and to purchase and hold the Securities, and certify further that the Subscription Agreement has been duly and validly executed
on behalf of the Entity and constitutes a legal and binding obligation of the Entity.

 

IN
WITNESS WHEREOF, I have set my hand this ________ day of _________________, 2014

 

 

	 			 
	 		(Signature)	 

  

    	10

    	 

    

 

EXHIBIT A

ACCREDITED INVESTOR
QUESTIONNAIRE

 

The
undersigned Subscriber is an “accredited investor” as that term is defined in Regulation D promulgated under the Securities
Act and amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act by virtue of being (initial all applicable responses):

 

	______A small business investment company licensed by the U.S. Small Business Administration under the Small Business Investment Company Act of 1958,
	______A business development company as defined in the Investment Company Act of 1940,
	______A national or state-chartered commercial bank, whether acting in an  individual or fiduciary capacity,
	______An insurance company as defined in Section 2(13) of the Securities Act,
	______An investment company registered under the Investment Company Act of 1940,
	______An employee benefit plan within the meaning of Title I of the Employee Retirement Income Security Act of 1974, where the investment decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, insurance company, or registered investment advisor, or an employee benefit plan which has total assets in excess of $5,000,000,
	_____A private business development company as defined in Section 202(a)(22) of the Investment Advisors Act of 1940,
	_____An organization described in Section 501(c)(3) of the Internal Revenue Code, a corporation or a partnership with total assets in excess of $5,000,000,
	_____A natural person whose individual net worth, or joint net worth with that person's spouse, at the time of purchase exceeds $1,000,000.  For purposes of this Exhibit A-1, “net worth” means the excess of total assets at fair market value over total liabilities. For purposes of calculating net worth under this section, (i) the primary residence shall not be included as an asset, (ii) to the extent that the indebtedness that is secured by the primary residence is in excess of the fair market value of the primary residence, the excess amount shall be included as a liability, and (iii) if the amount of outstanding indebtedness that is secured by the primary residence exceeds the amount outstanding 60 days prior to the execution of this questionnaire, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability.
	_____Any trust, with total assets in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by a sophisticated person as described in Section 506(b)(2)(ii) of Regulation D,
	_____A natural person who had an individual income in excess of $200,000 in each of the two most recent calendar years, and has a reasonable expectation of reaching the same income level in the current calendar year.  For purposes of this Exhibit A-1, “income” means annual adjusted gross income, as reported for federal income tax purposes, plus (i) the amount of any tax-exempt interest income received; (ii) the amount of losses claimed as a limited partner in a limited partnership; (iii) any deduction claimed for depletion; (iv) amounts contributed to an IRA or Keogh retirement plan; (v) alimony paid; and (vi) any amount by which income from long-term capital gains has been reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code of 1986, as amended.
	_____A corporation, partnership, trust or other legal entity (as opposed to a natural person) and all of such entity's equity owners fall into one or more of the categories enumerated above. (Note: additional documentation may be requested).

 

		 	 	 
	Name
of Subscriber (Print) 	 	Name of Joint Subscriber (if any) (Print)	 
	 	 	 	 
		 	 	 
	Signature
of Subscriber	 	Signature of Joint Subscriber (if any) 	 
	 	 	 	 
	 	 	 	 
	Capacity of Signatory (for entities)	 	Date 	 

 

    	11

    	 

    

 

EXHIBIT B

WIRE INSTRUCTIONS

 

 

 

 

 

    	12

    	 

    

 

EXHIBIT C

ANNUAL REPORT ON
FORM 10-K FOR THE FISCAL YEAR ENDED DECEMBER 31, 2013

 

 

 

 

 

    	13

    	 

    

  

EXHIBIT D

LOCKUP AGREEMENT

 

 

March
31, 2014

 

Cytomedix,
Inc.

209
Perry Parkway, Suite 7

Gaithersburg,
MD 20877

 

		Re:	Subscription Agreement,
dated as of March 31, 2014 (the “Subscription Agreement”)

 

Defined
terms not otherwise defined in this letter agreement (the “Letter Agreement”) shall have the meanings set forth in
the Subscription Agreement. 

 

Pursuant
to the Subscription Agreement and in satisfaction of a condition of the Company’s obligations under the Subscription Agreement,
the undersigned irrevocably agrees with the Company that, from the date hereof until the earlier of: (i) ten (10) trading days
following the Share Authorization Vote (as the term is defined under the Facility Agreement) or (ii) June 30, 2014 (such period,
the “Restriction Period”), the undersigned (i) will not, directly or indirectly, offer, sell, agree to offer or sell,
solicit offers to purchase, grant any call option or purchase any put option with respect to, pledge, borrow or otherwise dispose
of any Securities (as defined below), and (ii) will not establish or increase any “put equivalent position” or liquidate
or decrease any “call equivalent position” with respect to any Securities (in each case within the meaning of Section
16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder), or otherwise enter
into any swap, derivative or other transaction or arrangement that transfers to another, in whole or in part, any economic consequence
of ownership of any Securities, whether or not such transaction is to be settled by delivery of the Securities, other securities,
cash or other consideration, with respect to, any Shares, the Warrants, the Warrant Shares acquired by the undersigned in this
Offering pursuant to the Subscription Agreement (the “Securities”). Beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act. In order to enforce this covenant, the Company shall impose irrevocable stop-transfer instructions
preventing the Transfer Agent from effecting any actions in violation of this Letter Agreement.

 

The
undersigned acknowledges that the execution, delivery and performance of this Letter Agreement is a material inducement to each
Purchaser to complete the transactions contemplated by the Subscription Agreement and the Company shall be entitled to specific
performance of the undersigned’s obligations hereunder. The undersigned hereby represents that the undersigned has the power
and authority to execute, deliver and perform this Letter Agreement, that the undersigned has received adequate consideration therefor
and that the undersigned will indirectly benefit from the closing of the transactions contemplated by the Subscription Agreement.

 

This
Letter Agreement may not be amended or otherwise modified in any respect without the written consent of each of the Company and
the undersigned. This Letter Agreement shall be construed and enforced in accordance with the laws of the State of Delaware without
regard to the principles of conflict of laws. 

 

This
Letter Agreement may be executed in two or more counterparts, all of which when taken together may be considered one and the same
agreement.

 

	 	Signature	 	 
		
    Print
Name	 	 
		Address
for Notice	 	 

 

By
signing below, the Company agrees to enforce the restrictions on transfer set forth in this Letter Agreement.

 

	CYTOMEDIX, INC.	 
	 	 	 
	By: 	 	 
		 	 

   

    	14

    	 

    

 

Exhibit E

Registration Rights
Agreement

 

 

 

 

 

    	15

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