Document:

Exhibit 4.1

 

CELL SOURCE, INC.

65 Yigal Alon Street

Tel Aviv, Israel 67433

 

	 	June 1, 2015

 

Attn: Itamar Shimrat

 

Mr. Shimrat:

 

Reference is made to
the Promissory Notes (the “Notes”), dated November 14, 2014 and November 26, 2014, issued to you by Cell Source, Inc.
(the “Company”). Capitalized terms not otherwise defined herein shall have the meaning ascribed to them in the Notes.

 

Pursuant to the Notes,
the Company was obligated to pay the amounts owed under the Notes six months after the date the Notes were issued.

 

It is hereby acknowledged
and agreed that any failure of the Company to pay the amounts owed under the Notes shall not constitute an Event of Default or
a condition entitling its holder to default interest or liquidated damages or any other damages.

 

It is further acknowledged
and agreed that the Notes shall be hereby amended such that the new Maturity Date under the Notes shall be October 30, 2015.

 

Except as modified
by this letter agreement, each term and condition of the each of the Notes shall remain in full force and effect. Each party hereto
hereby acknowledges and agrees to the terms set forth in this letter agreement, as evidenced by such party’s execution or
acknowledgement of this letter agreement below.

 

 

	CELL SOURCE, INC.	 
	 	 	 
	By:		 
	Name:  	Yoram Drucker	 
	Title:	Chairman	 

 

 

	AGREED AND ACKNOWLEDGED:	 
	 	 	 
	ITAMAR ShiMRat	 
	 	 	 
	 	 	 
	Name: Itamar ShimratExhibit 10.1

 

PROMISSORY NOTE

OF 

CELL SOURCE, INC.

 

	NOTE NO. BTB_03_	May 15, 2015

 

FOR VALUE RECEIVED,
the undersigned, Cell Source, Inc. a corporation with its principal office located at 65 Yigal Alon Street, Tel Aviv Israel 67433
(the “Company” or the “Maker”), hereby unconditionally promises to pay to _____________
____ whose address is _______________________ or the registered assignee, upon presentation of this Promissory Note (the “Note”)
by the registered holder hereof (the “Registered Holder” or Holder”) at the office of the Company,
the amount of $250,000 (“Principal Amount”) and other sums as hereinafter provided, subject to the terms and
conditions as forth below. The effective date of execution and issuance of this Note is May 15, 2015 (“Original Issuance
Date”).

 

PAYMENT OF PRINCIPAL
AMOUNT. The duration of the note shall be 4 months, with the principal amount of this Note due and payable on or before September
15, 2015.

 

INTEREST. This
Note shall bear interest at a rate of twelve percent (12%) per annum (1% per calendar month).

 

PREPAYMENT.
This Note may be prepaid in whole or in part. Thereafter, the Maker shall have the right at any time and from time to time to prepay
this Note in whole or in part without premium or penalty.

 

REMEDIES. No
delay or omission on part of the holder of this Note in exercising any right hereunder shall operate as a waiver of any such right
or of any other right of such holder, nor shall any delay, omission or waiver on any one occasion be deemed a bar to or waiver
of the same or any other right on any future occasion. The rights and remedies of the Holder shall be cumulative and may be pursued
singly, successively, or together, in the sole discretion of the Holder.

 

EXPENSES. In
the event any payment under this Note is not paid when due, the Maker agrees to pay, in addition to the principal and interest
hereunder, reasonable attorneys’ fees not exceeding a sum equal to five percent (5%) of the then outstanding balance owing
on the Note, plus all other reasonable expenses incurred by Holder in exercising any of its rights and remedies upon default.

 

GOVERNING LAW.
This Note shall be governed by, and construed in accordance with, the laws of the State of New York.

 

SUCCESSORS.
All of the foregoing is the promise of Maker and shall bind Maker and Maker’s successors, heirs and assigns; provided, however,
that Maker may not assign any of its rights or delegate any of its obligations hereunder without the prior written consent of the
Holder.

 

 

    	1

    	 

    

 

[Signature Page Follows]

 

 

    	2

    	 

    

 

[Signature Page to Promissory Note]

 

 

IN WITNESS WHEREOF,
Maker has executed this Promissory Note as of the Original Issuance Date written above.

 

	 	Cell Source, Inc.
	 	 	 
	 	By:	
	 	Name:    	Itamar Shimrat
	 	Title:	Chief Executive Officer

 

    	3Exhibit 10.2

 

	
         

        
	WARRANT	 
	NO. BTB_03_	 	250,000 Shares
	
        
	 	 

 

WARRANT TO PURCHASE COMMON STOCK

 

VOID AFTER 5:30 P.M., EASTERN

TIME, ON THE EXPIRATION DATE

 

THE SECURITIES FOR WHICH THIS SECURITY
IS EXERCISABLE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN
RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND,
ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT
TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN
ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE
SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE
PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.

 

FOR VALUE RECEIVED,
Cell Source, Inc. a Nevada corporation (the “Company”), hereby agrees to sell upon the terms and on the conditions
hereinafter set forth, but no later than 5:30 p.m., Eastern Time, on the Expiration Date (as hereinafter defined) to  ________________________
 or registered assigns (the “ Holder ”), under the terms as hereinafter set forth, Two Hundred Fifty Thousand
(250,000) fully paid and non-assessable shares of the Company’s common stock (the “Common Stock”), par value
$0.001 per share (the “ Warrant Stock ”), at a purchase price of $0.75 per share (the “Warrant Price”),
pursuant to this warrant (this “Warrant”). The number of shares of Warrant Stock to be so issued and the Warrant
Price are subject to adjustment in certain events as hereinafter set forth. The term “Common Stock” shall mean,
when used herein, unless the context otherwise requires, the stock and other securities and property at the time receivable upon
the exercise of this Warrant.

 

1.                 
Exercise of Warrant and Redemption of Warrant.

 

a.                  
The Holder may exercise this Warrant according to its terms by surrendering this Warrant to the Company at the address set forth
in Section 10, the Notice of Exercise attached hereto having then been duly executed by the Holder, accompanied by cash, certified
check or bank draft in payment of the purchase price, in lawful money of the United States of America, for the number of shares
of the Warrant Stock specified in the Notice of Exercise, or as otherwise provided in this Warrant, prior to 5:30 p.m., Eastern
Time, on May 15, 2019 (the “ Expiration Date ”).

 

This Warrant may be
exercised in whole or in part so long as any exercise in part hereof would not involve the issuance of fractional shares of Warrant
Stock. If exercised in part, the Company shall deliver to the Holder a new Warrant, identical in form, in the name of the Holder,
evidencing the right to purchase the number of shares of Warrant Stock as to which this Warrant has not been exercised, which new
Warrant shall be signed by the Chairman, Chief Executive Officer or President and the Secretary or Assistant Secretary of the Company.
The term Warrant as used herein shall include any subsequent Warrant issued as provided herein.

 

b.                 
No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. The Company shall
pay cash in lieu of fractions with respect to the Warrants based upon the fair market value of such fractional shares of Common
Stock (which shall be the closing price of such shares on the exchange or market on which the Common Stock is then traded) at the
time of exercise of this Warrant.

 

c.                  
In the event of any exercise of the rights represented by this Warrant, a certificate or certificates for the Warrant Stock so
purchased, registered in the name of the Holder, shall be delivered to the Holder within three (3) trading days after such rights
shall have been so exercised (the “ Warrant Stock Delivery Date ”). The person or entity in whose name any certificate
for the Warrant Stock is issued upon exercise of the rights represented by this Warrant shall for all purposes be deemed to have
become the holder of record of such shares immediately prior to the close of business on the date on which the Warrant was surrendered
and payment of the Warrant Price and any applicable taxes was made, irrespective of the date of delivery of such certificate, except
that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person
shall be deemed to have become the holder of such shares at the opening of business on the next succeeding date on which the stock
transfer books are open. The Company shall pay any and all documentary stamp or similar issue or transfer taxes payable in respect
of the issue or delivery of shares of Common Stock on exercise of this Warrant.

 

    	 

    	 

    

 

d.                 
In addition to any other rights available to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder
a certificate or the certificates representing the Warrant Stock pursuant to an exercise on or prior to the Warrant Stock 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 Stock 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 shares of Warrant Stock 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 shares of Warrant Stock 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.

 

e.Redemption of
Warrant

 

(i)General.
Prior to the Expiration Date, the Company shall have the option, subject to the conditions set forth herein, to redeem all of the
Warrants then outstanding upon not less than thirty (30) days nor more than sixty (60) days prior written notice to the Warrant
Holders at any time provided that, at the time of delivery of such notice (i) there is an effective registration statement
covering the resale of the Warrant Shares, and (ii) the average trading price of the Company’s Common Stock , or shares into
which the Common Stock have been exchanged, for each of the twenty (20) consecutive trading days prior to the date of the notice
of redemption is at least $2.50, as proportionately adjusted to reflect any stock splits, stock dividends, combination of shares
or like events, with an average daily trading volume during such period of 100,000 shares.

 

(ii)Notice.
Notice of redemption will be effective upon mailing in accordance with this Section and such date may be referred to below as the
“Notice Date.” Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not
less than 30 days prior to the date fixed for redemption to the Holders of the Warrants to be redeemed at their last addresses
as they shall appear on the registration books. Any notice mailed in the manner herein provided shall be conclusively presumed
to have been duly given whether or not the Holder received such notice.

 

(iii)Redemption
Date and Redemption Price. The notice of redemption shall state the date set for redemption, which date shall be not less than
thirty (30) days, or more than sixty (60) days, from the Notice Date (the “Redemption Date”). The Company shall not
mail the notice of redemption unless all funds necessary to pay for redemption of the Warrants to be redeemed shall have first
been set aside by the Company for the benefit of the Warrant Holders so as to be and continue to be available therefor. The redemption
price to be paid to the Warrant Holders will be $0.01 for each share of Common Stock of the Company to which the Warrant Holder
would then be entitled upon exercise of the Warrant being redeemed, as adjusted from time to time as provided herein (the “Redemption
Price”).

 

(iv)Exercise.
Following the Notice Date, the Warrant Holders may exercise their Warrants in accordance with Section 1 of this Warrant between
the Notice Date and 5:00 p.m. Eastern Time on the Redemption Date and such exercise shall be timely if the form of election to
purchase duly executed and the Warrant Exercise Price for the shares of Common Stock to be purchased are actually received by the
Company at its principal offices prior to 5:00 p.m. Eastern Time on the Redemption Date.

 

(v)Mailing.
If any Warrant Holder does not wish to exercise any Warrant being redeemed, he should mail such Warrant to the Company at its principal
offices after receiving the notice of redemption. On and after 5:00 p.m. Eastern Time on the Redemption Date, notwithstanding that
any Warrant subject to redemption shall not have been surrendered for redemption, the obligation evidenced by all Warrants not
surrendered for redemption or effectively exercised shall be deemed no longer outstanding, and all rights with respect thereto
shall forthwith cease and terminate, except only the right of the holder of each Warrant subject to redemption to receive the Redemption
Price for each share of Common Stock to which he would be entitled if he exercised the Warrant upon receiving notice of redemption
of the Warrant subject to redemption held by him.

 

2.                 
Disposition of Warrant Stock and Warrant.

 

a.                  
The Holder hereby acknowledges that this Warrant and any Warrant Stock purchased pursuant hereto are, as of the date hereof, not
registered: (i) under the Securities Act of 1933, as amended (the “Securities Act”), on the ground that the issuance
of this Warrant is exempt from registration under Section 4(2) of the Securities Act as not involving any public offering or (ii)
under any applicable state securities law because the issuance of this Warrant does not involve any public offering; and that the
Company’s reliance on the Section 4(2) exemption of the Act, as the case may be, and under applicable state securities laws
is predicated in part on the representations hereby made to the Company by the Holder that it is acquiring this Warrant and will
acquire the Warrant Stock for investment for its own account, with no present intention of dividing its participation with others
or reselling or otherwise distributing the same, subject, nevertheless, to any requirement of law that the disposition of its property
shall at all times be within its control.

 

    	 

    	 

    

 

The Holder hereby
agrees that it will not sell or transfer all or any part of this Warrant and/or Warrant Stock unless and until it shall first have
given notice to the Company describing such sale or transfer and furnished to the Company either (i) an opinion, reasonably satisfactory
to counsel for the Company, of counsel (skilled in securities matters, selected by the Holder) to the effect that the proposed
sale or transfer may be made without registration under the Act and without registration or qualification under any state law,
or (ii) an interpretative letter from the Securities and Exchange Commission to the effect that no enforcement action will be recommended
if the proposed sale or transfer is made without registration under the Act.

 

b.                 
If, at the time of issuance of the shares issuable upon exercise of this Warrant, no registration statement is in effect with respect
to such shares under applicable provisions of the Act, the Company may at its election require that the Holder provide the Company
with written reconfirmation of the Holder’s investment intent and that any stock certificate delivered to the Holder of a
surrendered Warrant shall bear legends reading substantially as follows:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE
IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT
AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT,
THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THE SECURITIES ISSUABLE UPON EXERCISE OF THIS SECURITY MAY
BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH SECURITIES.”

 

In addition, so long as the foregoing legend
may remain on any stock certificate delivered to the Holder, the Company may maintain appropriate “stop transfer” orders
with respect to such certificates and the shares represented thereby on its books and records and with those to whom it may delegate
registrar and transfer functions.

 

3.                 
Reservation of Shares. The Company hereby agrees that at all times there shall be reserved for issuance upon the exercise
of this Warrant such number of shares of its Common Stock as shall be required for issuance upon exercise of this Warrant. The
Company further agrees that all shares which may be issued upon the exercise of the rights represented by this Warrant will be
duly authorized and will, upon issuance and against payment of the exercise price, be validly issued, fully paid and non-assessable,
free from all taxes, liens, charges and preemptive rights with respect to the issuance thereof, other than taxes, if any, in respect
of any transfer occurring contemporaneously with such issuance and other than transfer restrictions imposed by federal and state
securities laws.

 

4.                 
Exchange, Transfer or Assignment of Warrant. This Warrant is exchangeable, without expense, at the option of the Holder,
upon presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other Warrants
of different denominations, entitling the Holder or Holders thereof to purchase in the aggregate the same number of shares of Common
Stock purchasable hereunder. Upon surrender of this Warrant to the Company or at the office of its stock transfer agent, if any,
with the Assignment Form annexed hereto duly executed and funds sufficient to pay any transfer tax, the Company shall, without
charge, execute and deliver a new Warrant in the name of the assignee named in such instrument of assignment and this Warrant shall
promptly be canceled. This Warrant may be divided or combined with other Warrants that carry the same rights upon presentation
hereof at the office of the Company or at the office of its stock transfer agent, if any, together with a written notice specifying
the names and denominations in which new Warrants are to be issued and signed by the Holder hereof.

 

5.                 
Capital Adjustments. This Warrant is subject to the following further provisions:

 

a.                  Intentionally
Omitted.

 

b.                 
Subdivision or Combination of Shares. If the Company at any time while this Warrant remains outstanding and unexpired shall
subdivide or combine its Common Stock, the number of shares of Warrant Stock purchasable upon exercise of this Warrant and the
Warrant Price shall be proportionately adjusted.

 

c.                  
Stock Dividends and Distributions. If the Company at any time while this Warrant is outstanding and unexpired shall issue
or pay the holders of its Common Stock, or take a record of the holders of its Common Stock for the purpose of entitling them to
receive, a dividend payable in, or other distribution of, Common Stock, then (i) the Warrant Price shall be adjusted in accordance
with Section 5(f) and (ii) the number of shares of Warrant Stock purchasable upon exercise of this Warrant shall be adjusted to
the number of shares of Common Stock that the Holder would have owned immediately following such action had this Warrant been exercised
immediately prior thereto.

 

    	 

    	 

    

 

d.                 
Stock and Rights Offering to Shareholders. If the Company shall at any time after the date of issuance of this Warrant distribute
to all holders of its Common Stock any shares of capital stock of the Company (other than Common Stock) or evidences of its indebtedness
or assets (excluding cash dividends or distributions paid from retained earnings or current year’s or prior year’s
earnings of the Company) or rights or warrants to subscribe for or purchase any of its securities (excluding those referred to
in the immediately preceding paragraph) (any of the foregoing being hereinafter in this paragraph called the “Securities”),
then in each such case, the Company shall reserve shares or other units of such Securities for distribution to the Holder upon
exercise of this Warrant so that, in addition to the shares of the Common Stock to which such Holder is entitled, such Holder will
receive upon such exercise the amount and kind of such Securities which such Holder would have received if the Holder had, immediately
prior to the record date for the distribution of the Securities, exercised this Warrant.

 

e.                  
Intentionally Omitted.

 

f.                  
Warrant Price Adjustment. Except as otherwise provided herein, whenever the number of shares of Warrant Stock purchasable
upon exercise of this Warrant is adjusted, as herein provided, the Warrant Price payable upon the exercise of this Warrant shall
be adjusted to that price determined by multiplying the Warrant Price immediately prior to such adjustment by a fraction (i) the
numerator of which shall be the number of shares of Warrant Stock purchasable upon exercise of this Warrant immediately prior to
such adjustment, and (ii) the denominator of which shall be the number of shares of Warrant Stock purchasable upon exercise of
this Warrant immediately thereafter.

 

g.                 
Certain Shares Excluded. The number of shares of Common Stock outstanding at any given time for purposes of the adjustments
set forth in this Section 5 shall exclude any shares then directly or indirectly held in the treasury of the Company.

 

h.                 
Deferral and Cumulation of De Minimis Adjustments. The Company shall not be required to make any adjustment pursuant to
this Section 5 if the amount of such adjustment would be less than one percent (1%) of the Warrant Price in effect immediately
before the event that would otherwise have given rise to such adjustment. In such case, however, any adjustment that would otherwise
have been required to be made shall be made at the time of and together with the next subsequent adjustment which, together with
any adjustment or adjustments so carried forward, shall amount to not less than one (1%) percent of the Warrant Price in effect
immediately before the event giving rise to such next subsequent adjustment.

 

i.                   
Duration of Adjustment. Following each computation or readjustment as provided in this Section 5, the new adjusted Warrant
Price and number of shares of Warrant Stock purchasable upon exercise of this Warrant shall remain in effect until a further computation
or readjustment thereof is required.

 

6.                 
Limitation on Exercises.

 

a. Notwithstanding
anything to the contrary set forth in this Warrant, at no time may all or a portion of the Warrant be exercised if the number of
shares of Common Stock to be issued pursuant to such exercise would exceed, when aggregated with all other shares of Common Stock
owned by the Holder at such time, the number of shares of Common Stock which would result in the Holder beneficially owning (as
determined in accordance with Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)
and the rules thereunder) more than 4.99% of all of the Common Stock outstanding at such time;  provided ,  however
, that upon the Holder providing the Corporation with sixty-one (61) days’ advance notice (the “4.99% Waiver Notice”)
that the Holder would like to waive this Section 6 (a) with regard to any or all shares of Common Stock issuable upon exercise
of this Warrant, this Section 6 (a) will be of no force or effect with regard to all or a portion of this Warrant referenced in
the 4.99% Waiver Notice.

 

b.                
Notwithstanding anything to the contrary set forth in this Warrant, at no time may all or a portion of this Warrant be exercised
if the number of shares of Common Stock to be issued pursuant to such exercise, when aggregated with all other shares of Common
Stock owned by the Holder at such time, would result in the Holder beneficially owning (as determined in accordance with Section
13(d) of the Exchange Act and the rules thereunder) in excess of 9.99% of the then issued and outstanding shares of Common Stock
outstanding at such time (the “ 9.99% Beneficial Ownership Limitation ” and the lower of the 9.99% Beneficial
Ownership Limitation and the 4.99% Beneficial Ownership Limitation then in effect, the “ Maximum Percentage ”).

 

c.By written notice
to the Company, the Holder may from time to time decrease the Maximum Percentage to any other percentage specified in such notice

 

d.For purposes of
this Warrant, in determining the number of outstanding shares of Common Stock, the Holder may rely on the number of outstanding
shares of Common Stock as reflected in (1) the Company's most recent Form 10-K, Form 10-Q, Current Report on Form 8-K or other
public filing with the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement by the Company
or (3) any other notice by the Company setting forth the number of shares of Common Stock outstanding. For any reason at any time,
upon the written or oral request of the Holder, the Company shall within one (1) business day confirm orally and in writing to
the Holder the number of shares of Common Stock then outstanding. In any case, the number of outstanding shares of Common Stock
shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant, by
the Holder and its affiliates since the date as of which such number of outstanding shares of Common Stock was reported. The provisions
of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section
6 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.

 

    	 

    	 

    

 

7.                 
Notice to Holders.

 

a.                  
Notice of Record Date. In case:

 

(i)                
the Company shall take a record of the holders of its Common Stock (or other stock or securities at the time receivable upon the
exercise of this Warrant) for the purpose of entitling them to receive any dividend (other than a cash dividend payable out of
earned surplus of the Company) or other distribution, or any right to subscribe for or purchase any shares of stock of any class
or any other securities, or to receive any other right;

 

(ii)              
of any capital reorganization of the Company, any reclassification of the capital stock of the Company, any consolidation with
or merger of the Company into another corporation, or any conveyance of all or substantially all of the assets of the Company to
another corporation; or

 

(iii)            
of any voluntary dissolution, liquidation or winding-up of the Company;

 

then, and in each such case, the Company
will mail or cause to be mailed to the Holder hereof at the time outstanding a notice specifying, as the case may be, (i) the date
on which a record is to be taken for the purpose of such dividend, distribution or right, and stating the amount and character
of such dividend, distribution or right, or (ii) the date on which such reorganization, reclassification, consolidation, merger,
conveyance, dissolution, liquidation or winding-up is to take place, and the time, if any, is to be fixed, as of which the holders
of record of Common Stock (or such stock or securities at the time receivable upon the exercise of this Warrant) shall be
entitled to exchange their shares of Common Stock (or such other stock or securities) for securities or other property deliverable
upon such reorganization, reclassification, consolidation, merger, conveyance, dissolution or winding-up. Such notice shall be
mailed at least thirty (30) days prior to the record date therein specified, or if no record date shall have been specified therein,
at least thirty (30) days prior to such specified date, provided, however, failure to provide any such notice shall not affect
the validity of such transaction.

 

b.                 
Certificate of Adjustment. Whenever any adjustment shall be made pursuant to Section 5 hereof, the Company shall promptly
make a certificate signed by its Chairman, Chief Executive Officer, President, Vice President, Chief Financial Officer or Treasurer,
setting forth in reasonable detail the event requiring the adjustment, the amount of the adjustment, the method by which such adjustment
was calculated and the Warrant Price and number of shares of Warrant Stock purchasable upon exercise of this Warrant after
giving effect to such adjustment, and shall promptly cause copies of such certificates to be mailed (by first class mail, postage
prepaid) to the Holder of this Warrant.

 

8.                 
Loss, Theft, Destruction or Mutilation. Upon receipt by the Company of evidence satisfactory to it, in the exercise of its
reasonable discretion, of the ownership and the loss, theft, destruction or mutilation of this Warrant and, in the case of loss,
theft or destruction, of indemnity reasonably satisfactory to the Company and, in the case of mutilation, upon surrender and cancellation
thereof, the Company will execute and deliver in lieu thereof, without expense to the Holder, a new Warrant of like tenor dated
the date hereof.

 

9.                 
Warrant Holder Not a Stockholder. The Holder of this Warrant, as such, shall not be entitled by reason of this Warrant to
any rights whatsoever as a stockholder of the Company.

 

10.             
Notices. Any notice required or contemplated by this Warrant shall be deemed to have been duly given if transmitted by registered
or certified mail, return receipt requested, or nationally recognized overnight delivery service, to the Company at its
principal executive offices, Attn: Chief Executive Officer, or to the Holder at the name and address set forth in the Warrant Register
maintained by the Company.

 

11.             
Choice of Law. THIS WARRANT IS ISSUED UNDER AND SHALL FOR ALL PURPOSES BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE
INTERNAL LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW.

 

12.             
Jurisdiction and Venue. The Company and Holder hereby agree that any dispute which may arise between them arising out of
or in connection with this Warrant shall be adjudicated before a court located in New York County, New York and they hereby submit
to the exclusive jurisdiction of the federal and state courts of the State of York located in New York County with respect to any
action or legal proceeding commenced by any party, and irrevocably waive any objection they now or hereafter may have respecting
the venue of any such action or proceeding brought in such a court or respecting the fact that such court is an inconvenient forum,
relating to or arising out of this Warrant or any acts or omissions relating to the sale of the securities hereunder, and consent
to the service of process in any such action or legal proceeding by means of registered or certified mail, return receipt requested,
in care of the address set forth herein or such other address as either party shall furnish in writing to the other.

 

    	 

    	 

    

 

13.             
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent signed by both
(a) the Company and (b) holders of Warrants representing a majority of the Warrant Stock then outstanding and not exercised

 

[Signature Page Follows]

 

    	 

    	 

    

 

IN WITNESS WHEREOF,
the Company has duly caused this Warrant to be signed on its behalf, in its corporate name and by its duly authorized officers,
as of this 15th day of May, 2015.

 

	 	By:	
	 	Name:  	 
	 	Title: 	 

 

    	 

    	 

    

 

NOTICE OF EXERCISE

 

TO:  

Tel: (___) ___-____

Fax: (___) ___-____

 

 

(1)              
The undersigned hereby elects to purchase ______________ shares of Warrant Stock of the Company pursuant to the terms of the attached
Warrant to Purchase Common Stock, 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:

 

£in
lawful money of the United States

 

Please issue a certificate or
certificates representing said shares of Warrant Stock in the name of the undersigned or in such other name as is specified below:

 

 

 

The shares of Warrant
Stock shall be delivered to the following DWAC Account Number, if permitted, or by physical delivery of a certificate to:

 

 

 

 

(3)              
Accredited Investor. The undersigned is an “accredited investor” as defined in Regulation D promulgated under
the Securities Act of 1933, as amended.

 

[SIGNATURE OF HOLDER]

 

Name of Investing Entity:

 

Signature of Authorized Signatory of Investing Entity:

 

Name and 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 Name:

 

Holder’s Signature:

 

Name and Title of Signatory:

 

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.

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