Document:

Exhibit 10.2

 

THIS PROMISSORY NOTE HAS NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. NO SALE OR DISPOSITION MAY BE EFFECTED EXCEPT PURSUANT TO AN EFFECTIVE
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN EXEMPTION THEREFROM.

 

CONVERTIBLE PROMISSORY NOTE

 

US$200,000July
24, 2013

 

 

For value received
GTX Corp, a Nevada corporation (“Payor”) promises to pay to Atlantic Footcare, Inc., a Rhode Island
corporation with a principal place of business at 55 Locust Lane, Oakland, RI 02852 or its successors and assigns (the “Holder”),
the principal sum of US $200,000
on account of the Initial Loan and Subsequent Advances (each as defined in the Purchase Agreement referred to below) on the terms
set forth below. Interest on the outstanding principal amount shall accrue at the rate of 6% per annum (“Interest Rate”)
or at the Default Rate, as herein defined. Interest shall commence on the date hereof and shall continue on the outstanding principal
until paid in full. Interest shall be computed on the basis of a year of 365 days for the actual number of days elapsed.

This Note
(the “Note”) is issued pursuant to the terms of that certain Securities Purchase Agreement (the “Purchase
Agreement”) between Payor and the Holder. All of the terms, covenants and conditions of the Purchase Agreement are
hereby made a part of this Note and are deemed incorporated herein in full. All capitalized terms used herein, unless otherwise
specifically defined in this Note, shall have the meanings ascribed to them in the Purchase Agreement.

1.                 
Definitions. The following terms shall have the meanings herein specified:

“Capital
Stock” means any of the current or future authorized class or series of capital stock of Payor, including but not
limited to Common Stock and Preferred Stock.

“Common
Stock” means authorized Common Stock, $.001 par value, of Payor, and shall include any other class or series of capital
stock of Payor that is not limited to a fixed sum in respect of the rights of the holder thereof to participate in the liquidation
or winding up of Payor.

“Conversion
Notice” shall have the meaning set forth in Section 2(a).

“Conversion
Shares” means the shares of Common Stock, or such other shares of Capital Stock, issuable upon conversion of this
Note.

“Event
of Default” means an event specified in Section 4 hereof.

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“Excluded
Securities” means (i) securities issued as a result of any stock split, stock dividend or reclassification of Common
Stock or Preferred Stock, distributable on a pro rata basis to all holders of Common Stock or Preferred Stock; (ii) securities
issued pursuant to a stock option plan, deferred compensation plan, or other compensation arrangement approved by the Board of
Directors of Payor to consultants (as defined in the Payor’s Equity Incentive Plan), employees or directors of the Payor
in existence as of the date hereof; and (iii) securities issued pursuant to a transaction that Payor has described to the Holder
in reasonable detail prior to entering into same and as to which the Holder has provided its prior written consent (which consent
may be withheld in the discretion of the Holder).

“Holder”
is defined in the preamble hereto.

“Maturity
Date” means November 13, 2014 or such other date to which such date may be extended by mutual agreement of the parties
hereto.

“Preferred
Stock” means authorized Preferred Stock, $.001 par value, of Payor.

Words of one gender include the other gender;
the singular includes the plural; and the plural includes the singular, unless the context otherwise requires.

2.                 
Conversion of the Note.

a.                     
Election to Convert Common Stock. Holder may, at its option exercisable by written notice (the “Conversion
Notice”) to Payor at any time prior to payment in full hereof,
elect to convert all of the entire outstanding principal amount of this Note plus the accrued interest on the then outstanding
balance into twelve percent (12%) of the Company’s issued and outstanding Common Stock immediately following the issuance
thereof, multiplied by a fraction, the numerator of which is the principal amount of this Note then outstanding and the denominator
of which is $200,000.

b.                    
Delivery of Conversion Shares. The Conversion Shares shall be delivered as follows:

1.                 
As promptly as practicable after conversion, Payor shall deliver to Holder, or to such person or persons as are designated
by Holder in the Conversion Notice, (1) a certificate or certificates representing the number of shares of Capital Stock into which
this Note or portion thereof is to be converted, in such name or names as are specified in the Conversion Notice, and (2) in the
case of conversion of the entire remaining principal balance plus accrued unpaid interest hereof, any cash payable in respect of
a fractional share. Such conversion shall be deemed to have been effected at the close of business on the date when this Note shall
have been surrendered to Payor for conversion, so that the person entitled to receive such Conversion Shares shall be treated for
all purposes as having become the record holder of such Conversion Shares at such time.

2.                 
In the event that less than the entire outstanding principal and accrued unpaid interest of this Note is converted hereunder
pursuant to subsection (a) above, this Note shall not be surrendered for cancellation but shall have the fact and amount of conversion
recorded on the face of this Note by writing acknowledged by Holder and Payor. If less than the entire principal balance of this
Note is converted, the amount of principal converted shall be reduced to the nearest amount that results in no fractional shares.

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c.                    
Reservation of Shares. Payor agrees that, during the period within which this Note may be converted, Payor will at
all times have authorized and in reserve, and will keep available solely for delivery upon the conversion of this Note, a sufficient
number of shares of Capital Stock and other securities and properties as from time to time shall be receivable upon the conversion
of this Note, free and clear of all restrictions on issuance, sale or transfer other than those imposed by law and free and clear
of all pre-emptive rights. Payor agrees that the Conversion Shares shall, at the time of such delivery, be validly issued and outstanding,
fully paid and non-assessable, and Payor will take all such action as may be necessary to assure that the stated value or par value
per share of the Conversion Shares is at all times equal to or less than the Conversion Price.

d.                    
Protection Against Dilution; Automatic Conversion upon Maturity.

1.                 
In the event of any consolidation with or merger of Payor with or into another corporation (other than a merger or consolidation
in which Payor is the surviving or continuing corporation) or any sale, lease or conveyance to another corporation of the property
of Payor as an entirety or substantially as an entirety, in either case while any principal or accrued interest remains outstanding
under this Note, then Payor shall use its reasonable best efforts to cause such successor, leasing or purchasing corporation, as
the case may be, to (i) execute with Holder an agreement providing that Holder shall have the right thereafter to receive upon
conversion of this Note solely the kind and amount of shares of stock and other securities, property, cash or any combination thereof
receivable upon such consolidation, merger, sale, lease or conveyance by a holder of the number of shares of Capital Stock for
which this Note might have been converted immediately prior to such consolidation, merger, sale, lease or conveyance, (ii) make
effective provision in its articles of association or otherwise, if necessary, in order to effect such agreement, and (iii) set
aside or reserve, for the benefit of Holder, the stock, securities, property and cash to which Holder would be entitled upon conversion
of this Note. In the event Payor is not able to cause such events in (i) – (iii) above to occur, then the provisions of Section
3(b) shall apply.

2.                 
In the event of any reclassification or change of the Capital Stock into which this Note may be converted (other than a
change in par value or from no par value to a specified par value, or as a result of a subdivision or combination, but including
any change in the shares into two or more classes or series of shares), or in the event of any consolidation or merger of another
corporation into Payor in which Payor is the continuing corporation and in which there is a reclassification or change (including
a change to the right to receive cash or other property) of the Capital Stock into which this Note may be converted (other than
a change in par value, or from no par value to a specified par value, or as a result of a subdivision or combination, but including
any change in the shares into two or more classes or series of shares), in either case while any principal or accrued interest
remains outstanding under this Note, then Holder shall have the right thereafter to receive upon conversion of this Note solely
the kind and amount of shares of stock and other securities, property, cash or any combination thereof receivable upon such reclassification,
change, consolidation or merger by a holder of the number of shares of Capital Stock for which this Note might have been converted
immediately prior to such reclassification, change, consolidation or merger.

3.                 
Notwithstanding anything herein to the contrary, on the Maturity Date, unless this Note has been previously paid in full,
this Note shall be automatically converted pursuant to this Section 2.

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3.                 
Payment of the Note – Principal and Interest

a.                    
Term. The Maturity Date may be extended by mutual agreement of the Payor and the Holder. At any time after the Maturity
Date (as it may be extended pursuant to this Section 3(a)), Holder may proceed to collect such unconverted principal and accrued
interest. All payments of interest and principal shall be in lawful money of the United States of America and shall be made to
Holder at the address stated in Section 9 below. All payments shall be applied first to accrued interest, and thereafter to principal.

b.                    
Payment on Event of Default. If any Event of Default occurs hereunder, then, at the option and upon the declaration
of Holder of this Note and upon written notice to Payor (which election and notice shall not be required in the case of an Event
of Default under Section 4(c) or 4(d) or in a re-occurring Event of Default under Section 4(a) or 4(b)) and Payor’s subsequent
failure to cure any such Event of Default under Section 4(d) within the referenced 60-day period, this Note shall accelerate and
all principal and unpaid accrued interest that has not been converted into Common Stock pursuant to Section 2 above shall become
due and payable, and, at any time thereafter, Holder may proceed to collect such unconverted principal and accrued interest and/or
proceed with its remedies under any collateral document.

c.                    
Default Interest Rate. In the event Payor fails to pay the entire unpaid principal balance when due or interest when
due, Payor shall pay a default penalty (the “Default Penalty”) in an amount equal to 6% of the then outstanding
principal and accrued and outstanding interest under this Note and the entire unpaid principal balance, accrued and outstanding
interest, and the Default Penalty (if not paid) shall thereafter bear interest at a default interest rate equal to the lower of
18% per annum or the highest rate permitted by law (the “Default Rate”).

d.                    
Prepayment. Payor may prepay this Note at any time after one month following the date hereof; provided that Payor
shall give Holder at least 30 calendar days advance written notice of Payor’s intent so to prepay and Holder shall have the
right to convert all or any portion of this Note, as applicable, pursuant to Section 2(b) at any time during such 30 calendar day
period.

e.                    
Attorney’s Fees. If an Event of Default shall occur hereunder, Payor shall pay all reasonable attorneys’
fees and court costs incurred by Holder in enforcing and collecting this Note.

4.                 
Events of Default. The occurrence of any one or more of the following, if uncured within twenty (20) days
from written notice thereof with respect to subsections (a) and (b) only and only in the first instance of such failure or breach
and any instance thereafter, upon the occurrence, shall constitute an “Event of Default”:

a.                    
Payor fails to pay timely any of the principal amount due under this Note on the date the same becomes due and payable or
any accrued interest or other amounts due under this Note on the date the same becomes due and payable;

b.                    
Payor breaches any of its representations, warranties, covenants (including failure to issue shares upon conversion of the
Note) or agreements set forth in the Agreement, the Purchase Agreement, this Note or any other agreement between Payor and Holder;

c.                    
Payor files any petition or action for relief under any bankruptcy, reorganization, insolvency or moratorium law or any
other law for the relief of, or relating to, debtors, now or hereafter in effect, or makes any assignment for the benefit of creditors
or takes any corporate action in furtherance of any of the foregoing;

d.                    
An involuntary petition is filed against Payor under any bankruptcy statute now or hereafter in effect, unless such petition
is dismissed or discharged within sixty (60) days thereafter, or a custodian, receiver, trustee, assignee for the benefit of creditors
(or other similar official) is appointed to take possession, custody or control of any property of Payor;

e.                    
Payor fails to make any payment in respect of any indebtedness when due (whether by scheduled maturity, required prepayment,
acceleration, demand, or otherwise) and such failure continues after the applicable grace or notice period, if any, specified in
the document relating thereto on the date of such failure; or fails to perform or observe any other condition or covenant, or any
other event shall occur or condition exist, under any agreement or instrument relating to any such indebtedness, if the effect
of such failure, event or condition is to cause, or to permit the holder or holders of such indebtedness to cause such indebtedness
to be declared to be due and payable prior to its stated maturity (without regard to any subordination terms with respect thereto);
or

f.                      
Without the prior written consent of Holder, any transaction or series of related transactions after which any person or
group of related persons who was not a controlling equity holder of the Company immediately prior to such transaction acquires
the right to appoint a majority of the board of directors (or equivalent governing body) of the Company or beneficial ownership
or voting control of more than 50% of the Capital Stock of the Company.

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5.                 
Transfer.

a.                    
In order to transfer this Note, Holder, or its duly authorized representative, shall provide Payor a copy of an assignment
duly executed by Holder hereof, but in no event shall this Note be transferred to a third party unrelated to Holder, unless an
Event of Default under Section 4(a) of this Note has been declared by Holder. In the event that Holder seeks to make a transfer
of this Note to an unrelated party in the absence of registration under the 1933 Act and any applicable state securities laws,
Holder shall furnish an opinion of counsel satisfactory in form and in substance to Payor that such transfer is exempt from registration
under the 1933 Act and any applicable state securities laws.

b.                    
This Note is, and each certificate representing Conversion Shares shall be, stamped or otherwise imprinted with a legend
substantially in the following form:

“The securities represented
hereby have not been registered under the Securities Act of 1933, as amended, or applicable state securities laws and may not be
reoffered, sold, transferred, pledged, or otherwise disposed of except pursuant to (1) registration under such act or laws or (2)
an exemption from registration under such act or laws.”

6.                 
Loss or Mutilation of Note. Upon receipt by Payor of evidence reasonably satisfactory to Payor of the loss,
theft, destruction or mutilation of this Note, together with an indemnity reasonably satisfactory to Payor, in the case of loss,
theft, or destruction, or the surrender and cancellation of this Note, in the case of mutilation, Payor shall execute and deliver
to Holder a new Note of like tenor and denomination as this Note.

7.                 
Waiver or Amendment. Any term of this Note may be amended or waived with the written consent of Payor and
Holder. The failure of Holder to enforce at any time any of the provisions of this Note shall not, absent an express written waiver
signed by Holder specifying the provision being waived, be construed to be a waiver of any such provision, nor in any way to affect
the validity of this Note or any part hereof or the right of Holder thereafter to enforce each and every such provision. No waiver
of any breach of this Note shall be held to be a waiver of any other or subsequent breach.

8.                 
Taxes. Payor agrees that it will pay, when due and payable, any and all stamp, original issue or similar taxes
which may be payable in respect of the issue of this Note and/or any Conversion Shares or certificates therefor. Payor shall not,
however, be required to pay any stamp, original issue or similar tax which may be payable in respect of any transfer involved in
the transfer and delivery of stock certificates to a person other than of Holder.

9.                 
Compliance with Usury Laws. It is the intention of the parties to conform strictly to the applicable
usury laws, whether pursuant to state, federal or other applicable law, that are applicable to this Note. All agreements between
Payor and Holder, whether now existing or hereafter arising and whether oral or written, are hereby expressly limited so that in
no event, shall the amount paid or agreed to be paid to Holder under this Note, exceed the maximum amount permissible under applicable
usury laws. If, under any circumstances, fulfillment of any provision hereof at the time performance of such provision shall be
due, shall involve exceeding the limit of validity prescribed by law, then the obligation to be fulfilled shall be reduced to the
limit of such validity; and if under any circumstances Holder shall ever receive an amount deemed interest by applicable law, which
would exceed the highest lawful rate, such amount that would be excessive interest under applicable usury laws shall be applied
to the reduction of the principal amount owing hereunder and not to the payment of interest, or if such excessive interest exceeds
the unpaid balance of principal and such other indebtedness, the excess shall be deemed to have been a payment made by mistake
and shall be refunded to the Payor. The terms and provisions of this Section shall control and supersede every other provision
of this Note, as applicable.

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10.             
Notices. All notices or other communications to a party required or permitted hereunder shall be in writing
and shall be delivered personally or by facsimile (receipt confirmed electronically) to such party (or, in the case of an entity,
to an executive officer of such party) or shall be sent by a reputable express delivery service or by certified mail, postage prepaid
with return receipt requested, addressed as follows:

if to Holder to:

Atlantic Footcare, Inc.

55 Locust Lane

Oakland, RI 02852

Attention: John M. Carroll

 

if to Payor to:

GTX Corp.

117 W. 9th Street

Suite 1214

Los Angeles, CA 90015

Attention: Patrick Bertagna

 

Any party
may change the above specified recipient and/or mailing address by notice to all other parties given in the manner herein prescribed.
All notices shall be deemed given on the day when actually delivered as provided above (if delivered personally or by facsimile,
provided that any such facsimile is received during regular business hours at the recipient’s location) or on the day shown
on the return receipt (if delivered by mail or delivery service).

11.             
Headings. The titles and headings to the Sections herein are inserted for the convenience of reference only
and are not intended to be a part of or to affect the meaning or interpretation of this Note. This Note shall be construed without
regard to any presumption or other rule requiring construction hereof against the party causing this Note to be drafted.

12.             
Governing Law; Waiver of Jury Trial. This Note shall be governed by and construed under the laws of the State
of New York, without giving effect to
conflicts of laws principles that would require the application of the laws of any other jurisdiction. THE PARTIES EACH HEREBY,
TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, WAIVE THEIR RESPECTIVE RIGHTS TO JURY TRIAL OF ANY DISPUTE BASED UPON OR ARISING
OUT OF THIS AGREEMENT OR ANY OTHER AGREEMENTS RELATING HERETO OR ANY DEALINGS AMONG THEM RELATING TO THE TRANSACTIONS.

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is intentionally left blank]

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In Witness Whereof,
the Payor has executed this Note as of the date first written above.

 

PAYOR

GTX Corp.,

a Nevada corporation

 

 

By: _/s/ Patrick Bertagna _______

Name: Patrick Bertagna

Title: President
and CEOExhibit 10.3

 

NEITHER THESE SECURITIES NOR THE SECURITIES
ISSUABLE UPON EXERCISE OF THESE SECURITIES HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), OR APPLICABLE STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE OFFERED FOR SALE, SOLD, TRANSFERRED OR ASSIGNED (I)
IN THE ABSENCE OF (A) AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE SECURITIES ACT OR (B) AN AVAILABLE EXEMPTION
FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE
STATE SECURITIES LAWS OR BLUE SKY LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS
TRANSFER AGENT OR (II) UNLESS SOLD PURSUANT TO RULE 144 UNDER THE SECURITIES ACT. NOTWITHSTANDING THE FOREGOING, THE SECURITIES
MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR FINANCING ARRANGEMENT SECURED BY THE SECURITIES.

GTX CORP.

WARRANT TO PURCHASE COMMON STOCK

 

Warrant No. 1Original Issue Date: July 24, 2013

 

GTX Corp., a Nevada corporation (the
“Company”), hereby certifies that, for value received, Atlantic Footcare, Inc. or its permitted registered assigns
(the “Holder”), is entitled to purchase from the Company a total number of shares of common stock, $0.001 par
value per share (the “Common Stock”), of the Company (each such share, a “Warrant Share”
and all such shares, the “Warrant Shares”), such that, when added to the number total number of shares of Common
Stock acquired by Holder upon conversion of that certain $200,000.00 Promissory Note of even date herewith issued by the Company
in favor of the Holder (the “Note”), shall constitute an amount of shares equal to 12% of the Common Stock outstanding
as of the date of such conversion as such total outstanding amount may, from time to time, be increased after the date hereof by
issuances of Common Stock occurring on or prior to November 13, 2014 or by issuances of Common Stock occurring after November 13,
2014 but pursuant to convertible instruments issued or commitments made by the Company prior to November 13, 2014 other than issuances
of Excluded Securities as such term is defined in the Note (“Additional Issuances”), at an exercise price per
share equal to $0.001 per share, at any time and from time to time on or after the date hereof (the “Original Issue Date”)
and through and including 5:30 P.M., eastern standard time, on November 13, 2020 (the “Expiration Date”). This
Warrant may be exercised multiple times to the extent necessary to reflect any such Additional Issuances and shall be subject to
the following terms and conditions:

This Warrant (this “Warrant”)
is issued pursuant to that certain Securities Purchase Agreement (the “Purchase Agreement”), dated July 24,
2013, by and among the Company and the Holder.

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

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

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3.                  
Exercise and Duration of Warrants. 

(a)               
All or any part of this Warrant shall be exercisable by the registered Holder of this Warrant
at any time and from time to time on or after the Original Issue Date and through and including 5:30 P.M. eastern standard time,
on the Expiration Date. At 5:30 P.M., eastern standard time, on the Expiration Date, the portion of this Warrant not exercised
prior thereto shall be and become void and of no value and this Warrant shall be terminated and no longer outstanding. 

(b)               
The Holder may exercise this Warrant by delivering (whether via facsimile or otherwise) to
the Company an exercise notice, in the form attached as Schedule 1 hereto (the “Exercise Notice”), completed
and duly signed, and the date on which the Exercise Notice is delivered to the Company (as determined in accordance with the notice
provisions hereof) is an “Exercise Date.” Within one (1) Trading Day following an exercise of this Warrant as
aforesaid, the Holder shall deliver payment of the exercise price for the number of Warrant Shares as to which this Warrant is
being exercised in cash or via wire transfer of immediately available funds. The Company shall deliver any objection to any Exercise
Notice within one (1) Trading Day of receipt of such notice. The Holder shall not be required to deliver the original Warrant in
order to effect an exercise hereunder, until this 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 Exercise Notice is delivered to
the Company. Execution and delivery of the Exercise Notice shall have the same effect as cancellation of the original Warrant and
issuance of a New Warrant evidencing the right to purchase the remaining number of Warrant Shares.

4.                  
Delivery of Warrant Shares. 

(a)               
Upon exercise of this Warrant, the Company shall promptly (but in no event later than the
later of (i) three (3) Trading Days after the Exercise Date and (ii) two (2) Trading Days after the Company’s receipt of
the applicable aggregate exercise price) issue or cause to be issued and cause to be delivered to or upon the written order of
the Holder and in such name or names as the Holder may designate (provided that, if the Registration Statement is not effective
and the Holder directs the Company to deliver a certificate for the Warrant Shares in a name other than that of the Holder or an
Affiliate of the Holder, it shall deliver to the Company on the Exercise Date an opinion of counsel reasonably satisfactory to
the Company to the effect that the issuance of such Warrant Shares in such other name may be made pursuant to an available exemption
from the registration requirements of the Securities Act and all applicable state securities or blue sky laws), (i) a certificate
for the Warrant Shares issuable upon such exercise, free of restrictive legends, or (ii) an electronic delivery of the Warrant
Shares to the Holder’s account at the Depository Trust Company (“DTC”) or a similar organization, unless
in the case of clause (i) and (ii) a registration statement covering the resale of the Warrant Shares and naming the Holder as
a selling stockholder thereunder is not then effective or the Warrant Shares are not freely transferable without volume and manner
of sale restrictions pursuant to Rule 144 under the Securities Act and without the requirement for the Company to be in compliance
with the current public information under Rule 144(c)(1), in which case such Holder shall receive a certificate for the Warrant
Shares issuable upon such exercise with appropriate restrictive legends. The Holder, or any Person permissibly so designated by
the Holder to receive Warrant Shares, shall be deemed to have become the holder of record of such Warrant Shares as of the Exercise
Date. If the Warrant Shares are to be issued free of all restrictive legends, the Company shall, upon the written request of the
Holder, use its reasonable best efforts to deliver, or cause to be delivered, Warrant Shares hereunder electronically through DTC
or another established clearing corporation performing similar functions, if available; provided, that, the Company may, but will
not be required to, change its transfer agent if its current transfer agent cannot deliver Warrant Shares electronically through
such a clearing corporation.

(b)               
To the extent permitted by law, the Company’s obligations to issue and deliver Warrant
Shares in accordance with and subject to the terms hereof are absolute and unconditional, irrespective of any action or inaction
by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment against
any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any breach
or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation of law
by the Holder or any other Person, and irrespective of any other circumstance that might otherwise limit such obligation of the
Company to the Holder in connection with the issuance of Warrant Shares. Nothing herein shall limit the 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
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. 

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5.                  
Charges, Taxes and Expenses. Issuance and delivery of certificates for shares of Common
Stock upon exercise of this Warrant shall be made without charge to the Holder for any issue or transfer tax, transfer agent fee
or other incidental tax or expense in respect of the issuance of such certificates, all of which taxes and expenses shall be paid
by the Company; provided, however, that the Company shall not be required to pay any tax that may be payable in respect of any
transfer involved in the registration of any certificates for Warrant Shares or the Warrants in a name other than that of the Holder
or an Affiliate thereof. The Holder shall be responsible for all other tax liability that may arise as a result of holding or transferring
this Warrant or receiving Warrant Shares upon exercise hereof. 

6.                  
Replacement of Warrant. If this Warrant is mutilated, lost, stolen or destroyed, the
Company shall issue or cause to be issued in exchange and substitution for and upon cancellation hereof, or in lieu of and substitution
for this Warrant, a New Warrant, but only upon receipt of evidence reasonably satisfactory to the Company of such loss, theft or
destruction (in such case) and, in each case, a customary and reasonable indemnity and surety bond, if requested by the Company.
Applicants for a New Warrant under such circumstances shall also comply with such other reasonable regulations and procedures and
pay such other reasonable third-party costs as the Company may prescribe. If a New Warrant is requested as a result of a mutilation
of this Warrant, then the Holder shall deliver such mutilated Warrant to the Company as a condition precedent to the Company’s
obligation to issue the New Warrant. 

7.                  
Reservation of Warrant Shares. The Company covenants that it will at all times reserve
and keep available out of the aggregate of its authorized but unissued and otherwise unreserved Common Stock, solely for the purpose
of enabling it to issue Warrant Shares upon exercise of this Warrant as herein provided, the number of Warrant Shares that are
initially issuable and deliverable upon the exercise of this entire Warrant, free from preemptive rights or any other contingent
purchase rights of persons other than the Holder. The Company covenants that all Warrant Shares so issuable and deliverable shall,
upon issuance and the payment of the applicable exercise price in accordance with the terms hereof, be duly and validly authorized,
issued and fully paid and nonassessable. The Company will take all such action as may be reasonably necessary to assure that such
shares of Common Stock may be issued as provided herein without violation of any applicable law or regulation, or of any requirements
of any securities exchange or automated quotation system upon which the Common Stock may be listed.

8.                  
Payment of Exercise Price. The Holder shall pay the exercise price in immediately available
funds.

9.                  
No Fractional Shares. No fractional Warrant Shares will be issued in connection with
any exercise of this Warrant. In lieu of any fractional shares that would otherwise be issuable, the number of Warrant Shares to
be issued shall be rounded down to the next whole number and the Company shall pay the Holder in cash the fair market value (based
on the Closing Sale Price) for any such fractional shares. 

10.              
Notices. Whenever notice is required to be given under this Warrant, unless otherwise
provided herein, such notice shall be given in accordance with Section 5.5 of the Securities Purchase Agreement. 

11.              
Warrant Agent. The Company shall serve as warrant agent under this Warrant. Upon thirty
(30) days’ notice to the Holder, the Company may appoint a new warrant agent. Any corporation into which the Company or any
new warrant agent may be merged or any corporation resulting from any consolidation to which the Company or any new warrant agent
shall be a party or any corporation to which the Company or any new warrant agent transfers substantially all of its corporate
trust or shareholders services business shall be a successor warrant agent under this Warrant without any further act. Any such
successor warrant agent shall promptly cause notice of its succession as warrant agent to be mailed (by first class mail, postage
prepaid) to the Holder at the Holder’s last address as shown on the Warrant Register. 

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12.              
Miscellaneous. 

(a)               
No Rights as a Stockholder. The Holder, solely in such Person’s capacity as a
holder of this Warrant, shall not be entitled to vote or receive dividends or be deemed the holder of share capital of the Company
for any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder, solely in such Person’s
capacity as the Holder of this Warrant, any of the rights of a stockholder of the Company or any right to vote, give or withhold
consent to any corporate action (whether any reorganization, issue of stock, reclassification of stock, consolidation, merger,
amalgamation, conveyance or otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise, prior
to the issuance to the Holder of the Warrant Shares which such Person is then entitled to receive upon the due exercise of this
Warrant . In addition, nothing contained in this Warrant shall be construed as imposing any liabilities on the Holder to purchase
any securities (upon exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities are asserted
by the Company or by creditors of the Company.

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

(c)               
Amendment and Waiver. Except as otherwise provided herein, this Warrant may be amended
and the Company may take any action herein prohibited, or omit to perform any act herein required to be performed by it, only if
the Company has obtained the written consent of the Holder. The Holder shall be entitled, at its option, to the benefit of any
amendment of any other similar warrant issued under the Purchase Agreement. No waiver shall be effective unless it is in writing
and signed by an authorized representative of the waiving party.

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

(e)               
Governing Law; Jurisdiction. ALL QUESTIONS CONCERNING THE CONSTRUCTION, VALIDITY, ENFORCEMENT
AND INTERPRETATION OF THIS WARRANT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF LAW THEREOF. EACH OF THE COMPANY AND THE HOLDER HEREBY IRREVOCABLY SUBMITS
TO THE EXCLUSIVE JURISDICTION OF THE STATE AND FEDERAL COURTS SITTING IN THE CITY OF NEW YORK, BOROUGH OF MANHATTAN, FOR THE ADJUDICATION
OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY TRANSACTION CONTEMPLATED HEREBY OR DISCUSSED HEREIN (INCLUDING WITH
RESPECT TO THE ENFORCEMENT OF ANY OF THE TRANSACTION DOCUMENTS), AND HEREBY IRREVOCABLY WAIVES, AND AGREES NOT TO ASSERT IN ANY
SUIT, ACTION OR PROCEEDING, ANY CLAIM THAT IT IS NOT PERSONALLY SUBJECT TO THE JURISDICTION OF ANY SUCH COURT. EACH OF THE COMPANY
AND THE HOLDER HEREBY IRREVOCABLY WAIVES PERSONAL SERVICE OF PROCESS AND CONSENTS TO PROCESS BEING SERVED IN ANY SUCH SUIT, ACTION
OR PROCEEDING BY MAILING A COPY THEREOF VIA REGISTERED OR CERTIFIED MAIL OR OVERNIGHT DELIVERY (WITH EVIDENCE OF DELIVERY) TO SUCH
PERSON AT THE ADDRESS IN EFFECT FOR NOTICES TO IT UNDER THE PURCHASE AGREEMENT AND AGREES THAT SUCH SERVICE SHALL CONSTITUTE GOOD
AND SUFFICIENT SERVICE OF PROCESS AND NOTICE THEREOF. NOTHING CONTAINED HEREIN SHALL BE DEEMED TO LIMIT IN ANY WAY ANY RIGHT TO
SERVE PROCESS IN ANY MANNER PERMITTED BY LAW. EACH OF THE COMPANY AND THE HOLDER HEREBY WAIVES ALL RIGHTS TO A TRIAL BY JURY. 

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

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

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

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

 

	 	
        GTX CORP.

         

         

        By: /s/ Patrick Bertagna

        Name: Patrick Bertagna

        Title: President and CEO

         

         

         

         

 

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SCHEDULE 1

FORM OF EXERCISE NOTICE

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

Ladies and Gentlemen:

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

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

The Holder shall
pay the sum of $___________ in immediately available funds to the Company in accordance with the terms of the Warrant.

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

	
        Dated:

         

	
        Name of Holder:

         

        By:

        Name:

        Title:

         

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

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