Document:

Exhibit 10.3

 

Farmland Partners Inc.

RLOC 2022

Loan No: 202721

 

GUARANTY

 

This guaranty is
dated as of October 13, 2022, and is by FARMLAND PARTNERS OPERATING PARTNERSHIP, LP, a Delaware limited partnership ("Guarantor")
to and in favor of BRIGHTHOUSE LIFE INSURANCE COMPANY, a Delaware corporation ("Lender").

 

Lender has extended
credit to FPI ILLINOIS I LLC, a Delaware limited liability company ("Illinois",
and PH FARMS LLC, an Illinois limited liability company ("Farms", and Illinois and Farms, individually and collectively,
 "Borrower") under the terms and conditions of the Loan Agreement between Borrower and Lender dated as of the date
of this guaranty (that agreement, the "Loan Agreement").

 

Each capitalized term used in this guaranty that
is defined in the Loan Agreement and not defined in this guaranty will have the meaning specified in the Loan Agreement. This guaranty
will be interpreted in accordance with the Drafting Conventions.

 

Guarantor has an economic interest in Borrower
or will otherwise obtain a material financial benefit from Lender's extension of credit to Borrower. Lender requires that Guarantor execute
this guaranty as a condition of the Loan Agreement.

 

To induce Lender to extend credit to Borrower,
and in consideration thereof, Guarantor agrees:

 

1.              Guaranty.
Guarantor absolutely, unconditionally and irrevocably guarantees to Lender the full and prompt payment when due (whether at stated maturity
or earlier, by reason of acceleration or otherwise), and at all times thereafter, and the full and prompt performance when due, of the
Guaranteed Obligations, strictly in accordance with the terms of this guaranty, the Loan Agreement and the other Loan Documents. This
guaranty is a present and continuing guaranty of payment, and not merely of collection, and shall remain in full force and effect until
the Guaranteed Obligations have been paid in full and any commitments provided by Lender with respect to the Guaranteed Obligations have
been terminated.

 

2.              Guaranteed
Obligations. The term "Guaranteed Obligations" means:

 

(a)            all
Obligations (defined in the Loan Agreement), including: (i) those evidenced by the Promissory Note dated as of the date of this guaranty
from Borrower to Lender in the maximum principal amount of $75,000,000.00; and (ii) all other indebtedness, liabilities and obligations
of Borrower to Lender arising pursuant to any of the Loan Documents, whether now existing or hereafter arising, whether direct, indirect,
related, unrelated, fixed, contingent, liquidated, unliquidated, joint, several, or joint and several;

 

(b)            all
obligations of Guarantor under this guaranty; and

 

(c)            any
of the foregoing that arises after the filing of a petition by or against Borrower or Guarantor under an Insolvency Proceeding.

 

3.              Rights
of the Lender. Lender may perform any or all of the following acts at any time, without notice to Guarantor and without affecting
Guarantor's obligations under this guaranty:

 

(a)            amend
or modify the terms of any Guaranteed Obligation, including renewing, compromising, extending or accelerating, or otherwise changing the
time for payment of, or increasing or decreasing the rate of interest on, the Loan or any portion thereof;

 

(b)            take
and hold security for the Guaranteed Obligations or this guaranty, accept additional or substituted security for either, and subordinate,
exchange, enforce, waive, release, compromise, fail to perfect and sell or otherwise dispose of any such security;

 

(c)            direct
the order and manner of any sale of all or any part of any security now or later to be held for the Secured Obligations or this guaranty,
and the Lender may also bid at any such sale;

 

     

     

    

 

(d)            apply
any payments or recoveries from Borrower, Guarantor or any other source, and any proceeds of any security, to the Guaranteed Obligations
in such manner, order and priority as the Lender may elect, whether or not those obligations are guaranteed under this guaranty or secured
at the time of the application;

 

(e)            release
Borrower of its liability for the Loan or any portion thereof;

 

(f)            substitute,
add or release any one or more guarantors or endorsers; and

 

(g)            extend
other credit to Borrower, with or without taking or holding security for the credit so extended.

 

4.              Guaranty
Absolute and Unconditional. Guarantor agrees that until the Guaranteed Obligations have been paid in full and any commitments
provided by Lender with respect to the Guaranteed Obligations have been terminated, Guarantor shall not be released by or because of the
taking, or failure to take, any action that might in any manner or to any extent vary the risks of Guarantor under this guaranty or that,
but for this section, might discharge or otherwise reduce, limit, or modify Guarantor's obligations under this guaranty. Guarantor waives
and surrenders any defense to any liability under this guaranty based upon any such action, including but not limited to any action of
Lender described in Section 3. It is the express intent of Guarantor that Guarantor’s obligations under this guaranty
are and shall be absolute and unconditional.

 

5.              Guarantor's
Waivers. Guarantor waives:

 

(a)            any
right to require Lender to proceed against Borrower, proceed against or exhaust any security for the Guaranteed Obligations, or pursue
any other remedy in Lender's power whatsoever;

 

(b)            any
defense arising by reason of any disability or other defense of Borrower, or the cessation from any cause whatsoever of the liability
of Borrower;

 

(c)            any
defense based on any claim that Guarantor's obligations exceed or are more burdensome than those of Borrower; and

 

(d)            the
benefit of any statute of limitations affecting Guarantor's liability hereunder.

 

6.              Waiver
of Subrogation. So long as any Guaranteed Obligations are unpaid or unsatisfied, Guarantor waives to the extent permitted by Applicable
Law any right of subrogation, reimbursement, indemnification, and contribution (contractual, statutory, or otherwise) including, without
limitation, any claim or right of subrogation under the Bankruptcy Code (Title 11, United States Code) or any successor statute, arising
from the existence or performance of this guaranty, and Guarantor waives to the extent permitted by Applicable Law any right to enforce
any remedy that Lender now has or may hereafter have against Borrower, and waives any benefit of, and any right to participate in, any
security now or hereafter held by Lender.

 

7.              Waiver
of Notices. Guarantor waives all presentments, demands for performance, notices of nonperformance, protests, notices of protest,
notices of dishonor, notices of intent to accelerate, notices of acceleration, notices of any suit or any other action against Borrower
or any other person, any other notices to any party liable on any Loan Document (including Guarantor), notices of acceptance of this guaranty,
notices of the existence, creation, or incurring of new or additional Guaranteed Obligations or any other indebtedness, liabilities or
obligations of Borrower to Lender, and notices of any fact that might increase Guarantor’s risk.

 

8.              Waivers
of Other Rights and Defenses. Guarantor waives all rights and defenses that Guarantor may have because any of the Guaranteed Obligations
is secured by real property. This means, among other things: (a) Lender may collect from Guarantor without first foreclosing on any
real or personal property collateral pledged by Borrower; and (b) if Lender forecloses on any real property collateral pledged by
Borrower: (i) the amount of the Guaranteed Obligations may be reduced only by the price for which that collateral is sold at the
foreclosure sale, even if the collateral is worth more than the sale price, and (ii) Lender may collect from Guarantor even if Lender,
by foreclosing on the real property collateral, has destroyed any right Guarantor may have to collect from Borrower. This is an unconditional
and irrevocable waiver of any rights and defenses Guarantor may have because any of the Guaranteed Obligations is secured by real property.

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 2002255

Guaranty – FP OP

 

    2 

     

    

 

9.            Reinstatement
of Guaranty. If this guaranty is revoked, returned, or canceled, and subsequently any payment or transfer of any interest in property
by Borrower to Lender is rescinded or must be returned by Lender to Borrower, this guaranty shall be reinstated with respect to any such
payment or transfer, regardless of any such prior revocation, return, or cancellation.

 

10.            Stay
of Acceleration. In the event that acceleration of the time for payment of any of the Guaranteed Obligations is stayed upon the
insolvency, bankruptcy, or reorganization of Borrower or otherwise, all such Guaranteed Obligations guaranteed by Guarantor shall nonetheless
be payable by Guarantor immediately if requested by Lender.

 

11.            Subordination.
Any obligations of Borrower to Guarantor, now or hereafter existing, including but not limited to any obligations to Guarantor as subrogee
of Lender or resulting from Guarantor's performance under this guaranty, are hereby subordinated to the Guaranteed Obligations. In addition
to Guarantor's waiver of any right of subrogation as set forth in this guaranty with respect to any obligations of Borrower to Guarantor
as subrogee of Lender, Guarantor agrees that, if Lender so requests, Guarantor shall not demand, take, or receive from Borrower, by setoff
or in any other manner, payment of any other obligations of Borrower to Guarantor until the Guaranteed Obligations have been paid in full
and any commitments of Lender or facilities provided by Lender with respect to the Guaranteed Obligations have been terminated. If any
payments are received by Guarantor in violation of such waiver or agreement, such payments shall be received by Guarantor as trustee for
Lender and shall be paid over to Lender on account of the Guaranteed Obligations, but without reducing or affecting in any manner the
liability of Guarantor under the other provisions of this guaranty. Any security interest, lien, or other encumbrance that Guarantor may
now or hereafter have on the Collateral is hereby subordinated to any security interest, lien, or other encumbrance that Lender may have
on any such property.

 

12.            Representations.
Guarantor represents that, as of the date hereof:

 

(a)            Guarantor's
correct legal name is as shown next to Guarantor's signature below;

 

(b)            the
address of Guarantor for notice purposes is shown next to Guarantor's signature below;

 

(c)            this
guaranty and the other Loan Documents to which Guarantor is a party are enforceable against Guarantor in accordance with their terms and
any instrument or agreement required hereunder or thereunder, when executed and delivered by Guarantor, shall be similarly legal, valid,
binding and enforceable against Guarantor; subject, in each case, to (i) applicable bankruptcy, reorganization, insolvency, moratorium
and other laws of general applicability relating to or affecting creditors’ rights generally, and (ii) the application of general
principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at law;

 

(d)            to
Guarantor’s knowledge, (i) the Financial Information delivered by Borrower or Guarantor to Lender in writing in connection
with this guaranty is accurate, correct and sufficiently complete in all material respects to provide Lender true and accurate knowledge
of their subject matter, including, without limitation, all material contingent liabilities, and (ii) since the date such Financial
Information was provided to Lender, there has been no material adverse change in the financial condition of Guarantor (and, if applicable,
such other persons);

 

(e)            to
Guarantor's knowledge, all written information submitted to Lender by or on behalf of Guarantor in connection with this guaranty and the
other Loan Documents is correct, complete, and not misleading in any material respect;

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 2002255

Guaranty – FP OP

 

    3 

     

    

 

(f)             to
Guarantor’s knowledge, Guarantor is not the subject of any Judgment; and there is no lawsuit, tax claim or other dispute
pending or to Guarantor's knowledge threatened against Guarantor that, if determined adverse to Guarantor, is reasonably likely to have
a Material Adverse Effect;

 

(g)            to
Guarantors’ knowledge, Guarantor has filed all tax returns (federal, state, and local) required to be filed and has paid all taxes,
assessments, and governmental charges and levies thereon to be due, including interest and penalties, except for any such amounts
that are being contested in good faith by appropriate proceedings and for which Adequate Reserves have been set aside for the payment
thereof;

 

(h)            Guarantor
has not received any notice of violation of any Applicable Laws, and there are no claims, actions, proceedings or investigations pending
or to Guarantor's knowledge threatened against Guarantor with respect to any violations of Applicable Laws by Guarantor; and

 

(i)              Guarantor
knows of no event which is, or with notice or lapse of time or both would be, an Event of Default.

 

13.            SUBMISSIONS.
UNLESS GUARANTOR EXPRESSLY STATES OTHERWISE IN WRITING AT THE TIME OF THE SUBMISSION OR REASONABLY PROMPTLY THEREAFTER, GUARANTOR'S SUBMISSION
TO LENDER IN WRITING OF ANY REPORT, RECORD OR OTHER INFORMATION, FROM TIME TO TIME, WHETHER OR NOT REQUIRED UNDER THE LOAN DOCUMENTS,
WILL BE DEEMED TO BE ACCOMPANIED BY A REPRESENTATION AND WARRANTY BY GUARANTOR THAT, TO GUARANTOR'S KNOWLEDGE, SUCH REPORT, RECORD OR
INFORMATION IS COMPLETE AND ACCURATE IN ALL MATERIAL RESPECTS, AS OF THE DATE OF SUCH WRITTEN SUBMISSION.

 

14.            Guarantor
Covenants. So long as or any Guaranteed Obligations are unpaid or unsatisfied:

 

(a)            Subject
to the provisions of this Section 14(a) below, Guarantor shall maintain and cause each of its Subsidiaries to maintain
proper books of record and account including full, true, and correct entries of all dealings and transactions relating to its and their
business and activities, in all material respects in conformity with generally accepted accounting principles ("GAAP").
Notwithstanding this Section 14(a) to the contrary, no Guarantor or Subsidiary of Borrower which is a "disregarded
entity" for Federal income tax purposes will be required to maintain separate books of record and account.

 

(b)            Change
in Business. Guarantor shall not engage in any material line of business substantially different from those lines of business conducted
by Guarantor on the date hereof or any business substantially related or incidental thereto, without Lender’s prior written consent,
such consent not to be unreasonably withheld.

 

(c)            Reporting
Requirements. Promptly (and no later than 30 days) after requested by Lender, Guarantor shall furnish or cause to be furnished to
Lender, a balance sheet, income statement, statement of cash flows, a copy of Guarantor's Federal and State income tax return, and all
other books, records, financial statements, tax returns, lists of property and accounts, budgets, forecasts, reports, and other information
pertaining to the condition or operations of Guarantor requested by Lender. If requested by Lender, any report, record, statements, lists,
reports and other information required under this Section 14(c) must be certified to Lender by an Authorized Representative
of Guarantor as being true, accurate and complete in all material respects. Notwithstanding the foregoing terms of this Section 14(c),
with respect to any Guarantor financial reporting required under SEC or US Treasury rules applicable to Guarantor, such reporting
will not be required to be delivered prior to the time required by such SEC rules or US Treasury rules.

 

(d)            Notice
to Lender. Guarantor shall notify Lender of the occurrence of any of the following, promptly, but in any event no later than five
days after becoming aware of such occurrence: (i) any lawsuit, tax claim or other dispute if filed or threatened against Guarantor
in an amount greater than $1,000,000.00; (ii) any other material dispute between Guarantor and any Governmental Authority; (iii) the
failure by Guarantor to comply with the terms and provisions of this guaranty; (iv) any Material Adverse Effect as to Guarantor;
and (v) any change in Guarantor's name, legal structure, place of business, or chief executive office.

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 2002255

Guaranty – FP OP

 

    4 

     

    

 

(e)            Additional
Guarantor Covenants. Guarantor shall: (i) comply in all material respects with all Applicable Laws and pay before delinquency,
all taxes, assessments, and governmental charges imposed upon the Guarantor or its property, except for any such amounts that are being
contested in good faith by appropriate proceedings and for which Adequate Reserves have been set aside for the payment thereof; and (ii) following
reasonable prior notification by Lender, at any reasonable time and from time to time, permit Lender or any of its agents or representatives
to examine and make copies of and abstracts from the records and books of, and visit the properties of, Guarantor and to discuss the affairs,
finances, and accounts of Guarantor with (if Guarantor is other than a natural person) officers, directors, partners, or managers or Guarantor,
as applicable; Guarantor's independent accountants; and any other person dealing with Guarantor.

 

15.            Events
of Default. The occurrence of any of the following shall constitute an "Event of Default" under this guaranty:

 

(a)            an
Event of Default (as defined in the Loan Agreement);

 

(b)            Guarantor
fails to pay any of the Guaranteed Obligations within three (3) Business Days after demand by Lender therefor; and

 

(c)            Guarantor
revokes this guaranty (or attempts to revoke this guaranty) or this guaranty becomes ineffective for any reason.

 

16.            Remedies.
Upon the occurrence of and during the continuance of an Event of Default, Lender shall have all of the remedies of a creditor and, to
the extent applicable, of a secured party, under all Applicable Law. Without limitation, to the
extent permitted by law, Lender may, at its option and without notice or demand, while any Event of Default exists and is continuing:
(a) declare any Guaranteed Obligations due and payable at once; and (b) to the maximum extent permitted by Applicable Law, take
possession of any collateral pledged by Borrower or Guarantor, wherever located, and sell, resell, assign, transfer, and deliver all or
any part of the collateral at any public or private sale or otherwise dispose of any or all of the collateral in its then condition, for
cash or on credit or for future delivery, and in connection therewith Lender may impose reasonable conditions upon any such sale; and
set off against any or all liabilities of Guarantor all money owed by Lender or any of its agents or affiliates in any capacity to Guarantor,
whether or not due, and also set off against all other liabilities of Guarantor to Lender all money owed by Lender in any capacity to
Guarantor. Lender, unless prohibited by law the provisions of which cannot be waived, may purchase all or any part of the collateral to
be sold, free from and discharged of all trusts, claims, rights of redemption and equities of Borrower or Guarantor whatsoever. If exercised
by Lender, Lender shall be deemed to have exercised its right of setoff and to have made a charge against any such money immediately upon
the occurrence of such default although made or entered on the books subsequent thereto. Notwithstanding the foregoing provision of this
paragraph, in the event of an actual or deemed entry of an order for relief with respect to Guarantor under the Federal Bankruptcy Code,
the Guaranteed Obligations shall automatically become due and payable. If Guarantor fails to pay in accordance with this guaranty, then
Guarantor shall pay all of Lender's costs and expenses, including Legal Fees incurred in enforcing this guaranty or any other remedy of
Lender under this guaranty.

 

17.            Information
Regarding Borrower and the Collateral. Before signing this guaranty, Guarantor investigated the financial condition and business
operations of Borrower, the present and former condition, uses and ownership of the Collateral, and such other matters as Guarantor deemed
appropriate to assure itself of Borrower's ability to discharge its obligations under the Loan Documents. Guarantor assumes full responsibility
for that due diligence, as well as for keeping informed of all matters which may affect Borrower's ability to pay and perform its obligations
to Lender. Lender has no duty to disclose to Guarantor any information which Lender may have or receive about Borrower's financial condition
or business operations, the condition or uses of the Collateral, or any other circumstances bearing on Borrower's ability to perform.

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 2002255

Guaranty – FP OP

 

    5 

     

    

 

18.            Revival
and Reinstatement. If Lender is required to pay, return or restore to Borrower or any other person any amounts previously paid
on the Loan because of any Insolvency Proceeding of Borrower, any stop notice or any other reason, the obligations of Guarantor shall
be reinstated and revived and the rights of Lender shall continue with regard to such amounts, all as though they had never been paid.

 

19.            Expenses.
Upon the occurrence and during the continuance of an Event of Default, Lender may, at its option, pay any tax, assessment, or other governmental
levy, any insurance premium or any other expense or charge required to be paid or caused to be paid by Guarantor under the terms of any
Collateral Document, if any, to which Guarantor is a party (and not timely paid by Guarantor) (those Collateral Documents, "Guarantor
Collateral Documents" and all such payments, "Lender Advancements") upon Guarantor’s failure to timely
pay same. Guarantor shall pay on demand (a) Lender Advancements; (b) all reasonably documented costs and expenses incurred by
Lender in connection with the preparation, execution, delivery, filing, and administration of the Loan Documents to which Guarantor is
a party or required under any Loan Document to which Guarantor is a party (including Legal Fees incurred in connection with the preparation
of the Loan Documents and advising Lender as to its rights); (c) the cost of any credit verification reports and field examinations
of Guarantor's books and records, inspections of the Collateral granted by Guarantor under any Guarantor Collateral Documents, if any;
appraisals and reappraisals of the Collateral granted by Guarantor under any Guarantor Collateral Documents, if any, required by Lender,
surveys and environmental site assessments of the Real Estate, and title insurance required by Lender, and appraisals and reappraisals
of the Collateral granted by Guarantor required by Lender; (d) all reasonable costs and expenses incurred by Lender in connection
with enforcement of the Loan Documents to which Guarantor is a party or required under any Loan Document to which Guarantor is a party,
or any amendment, modification, or supplement thereto, whether by negotiation, legal proceedings, or otherwise, including in the context
of any Insolvency Proceeding; (e) all sums advanced or spent by Lender for the maintenance or preservation of the Collateral granted
by Guarantor under any Guarantor Collateral Document, if any; and (f) all other expenditures that Lender may make under the provisions
of the Loan Documents or for the benefit of Guarantor, including Legal Fees.

 

20.            Additional
and Independent Obligations. Guarantor's obligations under this guaranty are in addition to its obligations under any other existing
or future guaranties, each of which shall remain in full force and effect until it is expressly modified or released in a writing signed
by Lender. Guarantor's obligations under this guaranty are independent of those of the Borrower. Lender may bring a separate action, or
commence a separate reference or arbitration proceeding against Guarantor without first proceeding against the Borrower, any other person
or any security that Lender may hold, and without pursuing any other remedy. The rights of Lender under this guaranty shall not be exhausted
by any action by Lender until the Guaranteed Obligations have been paid and performed in full.

 

21.            Accounting
Matters. All accounting terms not specifically defined herein shall be construed in accordance with GAAP. Guarantor shall not
change the manner in which either the last day of its fiscal year or the last days of the first three fiscal quarters of its fiscal years
is calculated without providing Lender with reasonable prior notice thereof.

 

22.            Notices.
All notices, approvals, consents, and other communications under this guaranty ("Notices") must be given in accordance
with and will be subject to the terms and provisions of the Loan Agreement. Notices must be mailed or delivered, if to Guarantor, to the
address adjacent Guarantor’s signature below; if to Lender, to BRIGHTHOUSE LIFE INSURANCE COMPANY, c/o MetLife Investment Management,
LLC, 10801 Mastin Blvd., Ste 700, Overland Park, KS 66210, Attn: Director, LMG, with a copy to MetLife Investment Management, LLC, 10801
Mastin Blvd, Ste. 700, Overland Park, KS 66210, Attn: Director, CRO, with a copy to MetLife Investment Management, LLC, 10801 Mastin Blvd.,
Ste. 700, Overland Park, KS 66210, Attn: Law Department; and in the case of any other Person, to the address designated by that Person
in a notice to Guarantor and Lender.

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 2002255

Guaranty – FP OP

 

    6 

     

    

 

23.            General.
This guaranty may be executed in counterparts, each of which will be an original and all of which together are deemed one and the same
instrument. This guaranty shall be interpreted in light of the Drafting Conventions, which conventions are incorporated herein by this
reference. No provision or waiver in this guaranty shall be construed as limiting the generality of any other waiver contained in this
guaranty. Each Party has participated in negotiating and drafting this guaranty, so if an ambiguity or a question of intent or interpretation
arises, this guaranty is to be construed as if the parties had drafted it jointly, as opposed to being construed against a Party because
it was responsible for drafting one or more provisions of this guaranty. The Secured Obligation Documents shall inure to the benefit of
and shall be binding upon the parties and their respective heirs, personal representatives, successors and assigns; provided, that Guarantor
shall not assign its rights or obligations hereunder without Lender's consent. Lender may transfer all or any portion of its rights under
this guaranty and the Loan Documents to any other Person. Lender may disclose to any actual or proposed transferee any information that
Guarantor has delivered to Lender in connection with the negotiation of this guaranty or pursuant to the Loan Documents; and Guarantor
shall cooperate fully with Lender in providing that information to any actual or proposed transferee. All rights and remedies under this
guaranty and the Secured Obligation Documents are cumulative, and the exercise of any one or more of them does not constitute an election
of remedies. Any provision of any Secured Obligation Document which is prohibited or unenforceable in any jurisdiction shall, as to that
jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of that
Secured Obligation Document or affecting the validity or enforceability of that provision in any other jurisdiction; except that if such
provision relates to the payment of any monetary sum, then Lender may, at its option, declare all Guaranteed Obligations immediately due
and payable. This guaranty may not be amended, changed, modified, altered or terminated without the prior written consent of Lender.

 

24.            Optically
Imaged Reproductions. Lender may make an optically imaged reproduction of any or all Loan Documents and, at its election, destroy
the original or originals. Guarantor consents to the destruction of the original or originals and agrees that a copy of the optically
imaged reproduction of any Loan Document will be the equivalent of and for all purposes constitute an "original" document. For
purposes of this section, "for all purposes" includes use of the optically imaged reproduction (a) to prove the content
of the original document at trial, mediation, arbitration or administrative hearing; (b) for any business purpose; (c) for internal
or external audits and/or examination by or on behalf of Governmental Authorities; (d) in canceling or transferring any document;
and (e) in conjunction with any other transaction evidenced by the original document.

 

25.            Entire
Agreement. This guaranty and the other Secured Obligation Documents required under this guaranty, collectively: (a) represent
the sum of the understandings and agreements between Lender and Guarantor concerning this credit; (b) replace any prior oral or written
agreements between Lender and Guarantor concerning this credit; and (c) are intended by Lender and Guarantor as the final, complete
and exclusive statement of the terms agreed to by them. In the event of any conflict between this guaranty and any other agreements required
by this guaranty, this guaranty will prevail.

 

26.            Governing
Law. THIS GUARANTY AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES THEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (THE "GOVERNING LAW STATE") WITHOUT REGARD TO CONFLICT OF LAWS PRINCIPLES
(OTHER THAN SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW) THEREOF. THE PARTIES UNDERSTAND, AGREE AND ACKNOWLEDGE
THAT (1) NEGOTIATION, AGREEMENT AND PERFORMANCE OF THIS GUARANTY AND THE OTHER LOAN DOCUMENTS AND THE TRANSACTIONS EVIDENCED BY THE
LOAN DOCUMENTS HAVE SIGNIFICANT AND SUBSTANTIAL CONTACTS WITH THE GOVERNING LAW STATE, (2) IT IS CONVENIENT TO BOTH PARTIES TO SELECT
THE LAW OF THE GOVERNING LAW STATE TO GOVERN THE LOAN DOCUMENTS AND THE TRANSACTIONS EVIDENCED BY THE LOAN DOCUMENTS, (3) THE TRANSACTIONS
EVIDENCED BY THE LOAN DOCUMENTS BEAR A REASONABLE CONNECTION TO THE LAWS OF THE GOVERNING LAW STATE, (4) THE CHOICE OF THE INTERNAL
LAWS OF THE GOVERNING LAW STATE WAS MADE FOR GOOD AND VALID REASONS, AND (5) SUCH CHOICE CONSTITUTES GOOD AND VALUABLE CONSIDERATION
FOR LENDER TO ENTER INTO THE TRANSACTIONS EVIDENCED BY THIS GUARANTY AND LENDER HAS ENTERED INTO SUCH TRANSACTION IN RELIANCE ON SUCH
CHOICE.

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 2002255

Guaranty – FP OP

 

    7 

     

    

 

27.            JURISDICTION
AND VENUE.

 

(a)            GUARANTOR
IRREVOCABLY AGREES THAT, AT THE OPTION OF LENDER, ALL JUDICIAL PROCEEDINGS ARISING OUT OF OR RELATING HERETO OR ANY OTHER LOAN DOCUMENT,
OR ANY OF THE OBLIGATIONS, SHALL BE BROUGHT IN ANY STATE OR FEDERAL COURT OF COMPETENT JURISDICTION IN THE STATE, COUNTY AND CITY OF NEW
YORK. BY EXECUTING AND DELIVERING THIS GUARANTY, GUARANTOR, FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, IRREVOCABLY (i) ACCEPTS
GENERALLY AND UNCONDITIONALLY THE EXCLUSIVE JURISDICTION AND VENUE OF SUCH COURTS; (ii) WAIVES ANY DEFENSE OF FORUM NON CONVENIENS;
(iii) AGREES THAT SERVICE OF ALL PROCESS IN ANY SUCH PROCEEDING IN ANY SUCH COURT MAY BE MADE BY REGISTERED OR CERTIFIED MAIL,
RETURN RECEIPT REQUESTED, TO THE APPLICABLE PARTY AT ITS ADDRESS PROVIDED IN ACCORDANCE WITH  THIS GUARANTY IS SUFFICIENT TO CONFER
PERSONAL JURISDICTION OVER THE APPLICABLE PARTY IN ANY SUCH PROCEEDING IN ANY SUCH COURT, AND OTHERWISE CONSTITUTES EFFECTIVE AND BINDING
SERVICE IN EVERY RESPECT; AND (iv) AGREES THAT LENDER RETAINS THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR
TO BRING PROCEEDINGS AGAINST GUARANTOR IN THE COURTS OF ANY OTHER JURISDICTION TO THE EXTENT NECESSARY OR ADVISABLE IN CONNECTION WITH
AN EXERCISE OF REMEDIES BY SUCH PERSON UNDER THE LOAN DOCUMENTS.

 

(b)            GUARANTOR
HEREBY AGREES THAT PROCESS MAY BE SERVED ON IT BY CERTIFIED MAIL, RETURN RECEIPT REQUESTED, TO THE ADDRESSES PERTAINING TO IT AS
SPECIFIED IN THIS GUARANTY. ANY AND ALL SERVICE OF PROCESS AND ANY OTHER NOTICE IN ANY SUCH ACTION, SUIT OR PROCEEDING SHALL BE EFFECTIVE
AGAINST GUARANTOR IF GIVEN BY REGISTERED OR CERTIFIED MAIL, RETURN RECEIPT REQUESTED, OR BY ANY OTHER MEANS OR MAIL WHICH REQUIRES A SIGNED
RECEIPT, POSTAGE PREPAID, MAILED AS PROVIDED ABOVE.

 

28.            WAIVER
OF TRIAL BY JURY. EACH OF THE PARTIES HERETO HEREBY AGREES TO WAIVE ITS RESPECTIVE RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF
ACTION BASED UPON OR ARISING HEREUNDER OR UNDER ANY OF THE OTHER LOAN DOCUMENTS OR ANY DEALINGS BETWEEN THEM RELATING TO THE SUBJECT MATTER
OF THE LOAN OR THE LENDER/GUARANTOR RELATIONSHIP THAT IS BEING ESTABLISHED UNDER THIS GUARANTY. THE SCOPE OF THIS WAIVER IS INTENDED TO
BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION, INCLUDING
CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY CLAIMS AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH PARTY HERETO ACKNOWLEDGES THAT
THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THIS WAIVER IN ENTERING INTO
THIS GUARANTY, AND THAT EACH WILL CONTINUE TO RELY ON THIS WAIVER IN ITS RELATED FUTURE DEALINGS. EACH PARTY HERETO FURTHER WARRANTS AND
REPRESENTS THAT IT HAS REVIEWED THIS WAIVER WITH ITS LEGAL COUNSEL AND THAT IT KNOWINGLY AND VOLUNTARILY WAIVES ITS JURY TRIAL RIGHTS
FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING
(OTHER THAN BY A MUTUAL WRITTEN WAIVER SPECIFICALLY REFERRING TO THIS SECTION  28 AND EXECUTED BY EACH OF THE PARTIES HERETO), AND
THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS OR MODIFICATIONS HERETO OR ANY OF THE OTHER LOAN DOCUMENTS
OR TO ANY OTHER DOCUMENTS OR AGREEMENTS RELATING TO THE LOAN MADE. IN THE EVENT OF LITIGATION, THIS GUARANTY MAY BE FILED AS A WRITTEN
CONSENT TO A TRIAL BY THE COURT.

 

[REMAINDER OF PAGE INTENTIONALLY
BLANK]

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 2002255

Guaranty – FP OP

 

    8

     

    

 

[SIGNATURE PAGE TO FP OP GUARANTY]

 

Guarantor has executed
this guaranty effective as of the day and year first written above.

 

		 	GUARANTOR
	 	 	 
	 	 	FARMLAND PARTNERS OPERATING PARTNERSHIP,
LP, 
	Address for notices:	 	

                                                                                a
                                            Delaware limited partnership

	4600 S. Syracuse Street, Suite 1450	 	 
	Denver, Colorado  80237	 	By:	FARMLAND PARTNERS OP GP, LLC, a
Delaware 
	Attention:  Chief Financial Officer 	 	 	limited liability company, as General Partner
	 	 	 	 
	 	 	 	By:	FARMLAND PARTNERS INC., a Maryland 
	 	 	 	 	corporation, as Member
	 	 	 	 	 
	 	 	 	 	By:	/s/ Luca Fabbri
	 	 	 	 	 	LUCA FABBRI
	 	 	 	 	 	President

 

[SIGNATURE PAGE TO GUARANTY]

 

Farmland Partners Inc. 

RLOC 2022 

Loan no. 202721

Guaranty – FP OPsobr_ex1035.htm

EXHIBIT 10.35
  
 NEITHER THIS SECURITY NOR THE SECURITIES FOR WHICH THIS SECURITY IS EXERCISABLE HAVE 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. THIS SECURITY AND 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.
  
 AMENDED AND RESTATED COMMON STOCK PURCHASE WARRANT
 SOBR SAFE, INC.
  
 	 Warrant Shares: 451,671
		 Initial Exercise Date: March 30, 2022

  
 THIS AMENDED AND RESTATED COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, Armistice Capital Master Fund Ltd. or its assigns (the “Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or prior to 5:00 p.m. (New York City time) on March 29, 2029 (the “Termination Date”) but not thereafter, to subscribe for and purchase from SOBR Safe, Inc., a Delaware corporation (the “Company”), up to 451,671 shares (as subject to adjustment hereunder, the “Warrant Shares”) of Common Stock. The purchase price of one share of Common Stock under this Warrant shall be equal to the Exercise Price, as defined in Section 2(b). This Warrant amends, restates and replaces in its entirety that certain Common Stock Purchase Warrant of the Company issued to the Holder on March 30, 2022.
  
 Section 1. Definitions. Capitalized terms used and not otherwise defined herein shall have the meanings set forth in that certain Securities Purchase Agreement (the “Purchase Agreement”) or the Debentures (as so defined), all dated September 27, 2021, among the Company and the Purchasers signatory thereto.
  
 Section 2. Exercise.
  
 a) Exercise of Warrant. Exercise of the purchase rights represented by this Warrant may be made, in whole or in part, at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of a duly executed facsimile copy or PDF copy submitted by e-mail (or e-mail attachment) of the Notice of Exercise in the form annexed hereto (the “Notice of Exercise”). Within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period (as defined in Section 2(d)(i) herein) following the date of exercise as aforesaid, the Holder shall deliver the aggregate Exercise Price for the shares specified in the applicable Notice of Exercise by wire transfer or cashier’s check drawn on a United States bank unless the cashless exercise procedure specified in Section 2(c) below is specified in the applicable Notice of Exercise. No ink-original Notice of Exercise shall be required, nor shall any medallion guarantee (or other type of guarantee or notarization) of any Notice of Exercise be required. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case, the Holder shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date on which 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 within one (1) Business Day of receipt of such notice. The Holder and any assignee, by acceptance of this Warrant, acknowledge and agree that, by reason of the provisions of this paragraph, following the purchase of a portion of the Warrant Shares hereunder, the number of Warrant Shares available for purchase hereunder at any given time may be less than the amount stated on the face hereof.
   
 	 
	1
	

	 

  
 b) Exercise Price. The exercise price per share of Common Stock under this Warrant shall be the lower of (i) $1.35, and (ii) if a Qualified Offering has occurred, the offering price of the securities offered in the Qualified Offering (the “Qualified Offering Price”), subject to adjustment hereunder, provided, however, if at any time while the Debentures remain outstanding there is an Event of Default (as such term is defined in the Debentures), thereafter the exercise price per share of Common Stock under this Warrant shall be reduced to the lower of (i) $1.00, and (ii) the Qualified Offering Price (the “Exercise Price”).
  
 c) Cashless Exercise. If at any time after the six-month anniversary of the Closing Date, there is no effective Registration Statement registering, or the prospectus contained therein is not available for the resale of the Warrant Shares by the Holder, then this Warrant may also be exercised, in whole or in part, at such time by means of a “cashless exercise” in which the Holder shall be entitled to receive a number of Warrant Shares equal to the quotient obtained by dividing [(A-B) (X)] by (A), where:
  
 		 (A) = 
		 as applicable: (i) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise if such Notice of Exercise is (1) both executed and delivered pursuant to Section 2(a) hereof on a day that is not a Trading Day or (2) both executed and delivered pursuant to Section 2(a) hereof on a Trading Day prior to the opening of “regular trading hours” (as defined in Rule 600(b)(64) of Regulation NMS promulgated under the federal securities laws) on such Trading Day, (ii) at the option of the Holder, either (y) the VWAP on the Trading Day immediately preceding the date of the applicable Notice of Exercise or (z) the Bid Price of the Common Stock on the principal Trading Market as reported by Bloomberg L.P. as of the time of the Holder’s execution of the applicable Notice of Exercise if such Notice of Exercise is executed during “regular trading hours” on a Trading Day and is delivered within two (2) hours thereafter (including until two (2) hours after the close of “regular trading hours” on a Trading Day) pursuant to Section 2(a) hereof or (iii) the VWAP on the date of the applicable Notice of Exercise if the date of such Notice of Exercise is a Trading Day and such Notice of Exercise is both executed and delivered pursuant to Section 2(a) hereof after the close of “regular trading hours” on such Trading Day;

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

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

  
 If Warrant Shares are issued in such a cashless exercise, the parties acknowledge and agree that in accordance with Section 3(a)(9) of the Securities Act, the Warrant Shares shall take on the characteristics of the Warrants being exercised, and the holding period of the Warrant Shares being issued may be tacked on to the holding period of this Warrant. The Company agrees not to take any position contrary to this Section 2(c).
  
 “Bid Price” 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 bid price of the Common Stock for the time in question (or the nearest preceding date) on the Trading Market on which the Common Stock is then listed or quoted as reported by Bloomberg L.P. (based on a Trading Day from 9:30 a.m. (New York City time) to 4:02 p.m. (New York City time)), (b) if OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of 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 Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
   
 	 
	2
	

	 

  
 “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 OTCQB or OTCQX is not a Trading Market, the volume weighted average price of the Common Stock for such date (or the nearest preceding date) on OTCQB or OTCQX as applicable, (c) if the Common Stock is not then listed or quoted for trading on OTCQB or OTCQX and if prices for the Common Stock are then reported in the “Pink Sheets” published by OTC Markets Group, Inc. (or a similar organization or agency succeeding to its functions of reporting prices), the most recent bid price per share of 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 Purchasers of a majority in interest of the Securities then outstanding and reasonably acceptable to the Company, the fees and expenses of which shall be paid by the Company.
  
 Notwithstanding anything herein to the contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section 2(c).
  
 d) Mechanics of Exercise.
  
 i. Delivery of Warrant Shares Upon Exercise. The Company shall cause the Warrant Shares purchased hereunder to be transmitted by the Transfer Agent to the Holder by crediting the account of the Holder’s or its designee’s balance account with The Depository Trust Company through its Deposit or Withdrawal at Custodian system (“DWAC”) if the Company is then a participant in such system and either (A) there is an effective registration statement permitting the issuance of the Warrant Shares to or resale of the Warrant Shares by the Holder or (B) the Warrant Shares are eligible for resale by the Holder without volume or manner-of-sale limitations pursuant to Rule 144 (assuming cashless exercise of the Warrants), and otherwise by physical delivery of a certificate, registered in the Company’s share register in the name of the Holder or its designee, for the number of Warrant Shares to which the Holder is entitled pursuant to such exercise to the address specified by the Holder in the Notice of Exercise by the date that is the earliest of (i) two (2) Trading Days after the delivery to the Company of the Notice of Exercise, (ii) one (1) Trading Day after delivery of the aggregate Exercise Price to the Company and (iii) the number of Trading Days comprising the Standard Settlement Period after the delivery to the Company of the Notice of Exercise (such date, the “Warrant Share Delivery Date”). Upon delivery of the Notice of Exercise, the Holder shall be deemed for all corporate purposes to have become the holder of record of the Warrant Shares with respect to which this Warrant has been exercised, irrespective of the date of delivery of the Warrant Shares, provided that payment of the aggregate Exercise Price (other than in the case of a cashless exercise) is received within the earlier of (i) two (2) Trading Days and (ii) the number of Trading Days comprising the Standard Settlement Period following delivery of the Notice of Exercise. If the Company fails for any reason to deliver to the Holder the Warrant Shares subject to a Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such Warrant Shares are delivered or Holder rescinds such exercise. The Company agrees to maintain a transfer agent that is a participant in the FAST program for as long as this Warrant remains outstanding and exercisable. As used herein, “Standard Settlement Period” means the standard settlement period, expressed in a number of Trading Days, on the Company’s primary Trading Market with respect to the Common Stock as in effect on the date of delivery of the Notice of Exercise.
  
 ii. Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the Warrant Shares, deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical with this Warrant.
  
 iii. Rescission Rights. If the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares pursuant to Section 2(d)(i) by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.
   
 	 
	3
	

	 

  
 iv. Compensation for Buy-In on Failure to Timely Deliver Warrant Shares Upon Exercise. In addition to any other rights available to the Holder, if the Company fails to cause the Transfer Agent to transmit to the Holder the Warrant Shares in accordance with the provisions of Section 2(d)(i) above pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases, shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving upon such exercise (a “Buy-In”), then the Company shall (A) pay in cash to the Holder the amount, if any, by which (x) the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds (y) the amount obtained by multiplying (1) the number of Warrant Shares that the Company was required to deliver to the Holder in connection with the exercise at issue times (2) the price at which the sell order giving rise to such purchase obligation was executed, and (B) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares for which such exercise was not honored (in which case such exercise shall be deemed rescinded) or deliver to the Holder the number of shares of Common Stock that would have been issued had the Company timely complied with its exercise and delivery obligations hereunder. For example, if the Holder purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (A) of the immediately preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount of such loss. Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder, at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the Company’s failure to timely deliver shares of Common Stock upon exercise of the Warrant as required pursuant to the terms hereof.
  
 v. No Fractional Shares or Scrip. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this Warrant. As to any fraction of a share which the Holder would otherwise be entitled to purchase upon such exercise, the Company shall, at its election, either pay a cash adjustment in respect of such final fraction in an amount equal to such fraction multiplied by the Exercise Price or round up to the next whole share.
  
 vi. Charges, Taxes and Expenses. Issuance of Warrant Shares shall be made without charge to the Holder for any issue or transfer tax or other incidental expense in respect of the issuance of such Warrant Shares, all of which taxes and expenses shall be paid by the Company, and such Warrant Shares shall be issued in the name of the Holder or in such name or names as may be directed by the Holder; provided, however, that in the event that Warrant Shares are to be issued in a name other than the name of the Holder, this Warrant when surrendered for exercise shall be accompanied by the Assignment Form attached hereto duly executed by the Holder and the Company may require, as a condition thereto, the payment of a sum sufficient to reimburse it for any transfer tax incidental thereto. The Company shall pay all Transfer Agent fees required for same-day processing of any Notice of Exercise and all fees to the Depository Trust Company (or another established clearing corporation performing similar functions) required for same-day electronic delivery of the Warrant Shares.
  
 vii. Closing of Books. The Company will not close its stockholder books or records in any manner which prevents the timely exercise of this Warrant, pursuant to the terms hereof.
   
 	 
	4
	

	 

  
 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 (such Persons, “Attribution Parties”)), 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 and Attribution Parties 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 or Attribution Parties 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 or Attribution Parties. 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 Attribution Parties) and of which portion of this Warrant is exercisable shall be in the sole discretion of the Holder, and, in the absence of manifest error, 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 Attribution Parties) 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 one Trading 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 or its Affiliates or Attribution Parties since the date as of which such number of outstanding shares of Common Stock was reported. The “Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Holder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions of this Section 2(e), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant held by the Holder and the provisions of this Section 2(e) shall continue to apply. Any increase in the Beneficial Ownership Limitation will not be effective until the 61st day after such notice is delivered to the Company. The provisions of this paragraph shall be construed and implemented in a manner otherwise than in strict conformity with the terms of this Section 2(e) to correct this paragraph (or any portion hereof) which may be defective or inconsistent with the intended Beneficial Ownership Limitation herein contained or to make changes or supplements necessary or desirable to properly give effect to such limitation. The limitations contained in this paragraph shall apply to a successor holder of this Warrant.
  
 Section 3. Certain Adjustments.
  
 a) Stock Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (i) pays a stock dividend or otherwise makes a distribution or distributions on shares of its Common Stock or any other equity or equity equivalent securities payable in shares of Common Stock (which, for avoidance of doubt, shall not include any shares of Common Stock issued by the Company upon exercise of this Warrant), (ii) subdivides outstanding shares of Common Stock into a larger number of shares, (iii) combines (including by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares or (iv) issues by reclassification of shares of the Common Stock any shares of capital stock of the Company, then in each case the Exercise Price shall be multiplied by a fraction of which the numerator shall be the number of shares of Common Stock (excluding treasury shares, if any) outstanding immediately before such event and of which the denominator shall be the number of shares of Common Stock outstanding immediately after such event, and the number of shares issuable upon exercise of this Warrant shall be proportionately adjusted such that the aggregate Exercise Price of this Warrant shall remain unchanged. Any adjustment made pursuant to this Section 3(a) shall become effective immediately after the record date for the determination of stockholders entitled to receive such dividend or distribution and shall become effective immediately after the effective date in the case of a subdivision, combination or re‐classification.
   
 	 
	5
	

	 

  
 b) Subsequent Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents, at an effective price per share less than the Exercise Price then in effect (such lower price, the “Base Share Price” and such issuances collectively, a “Dilutive Issuance”) (it being understood and agreed that if the holder of the Common Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions, floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share that is less than the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive Issuance at such effective price), then simultaneously with the consummation (or, if earlier, the announcement) of each Dilutive Issuance the Exercise Price then in effect shall be reduced and only reduced to an amount equal to the Base Share Price and the number of Warrant Shares issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment Notwithstanding the foregoing, no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance. The Company shall notify the Holder, in writing, no later than the Trading Day following the issuance or deemed issuance of any Common Stock or Common Stock Equivalents subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and other pricing terms (such notice, the “Dilutive Issuance Notice”). For purposes of clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence of any Dilutive Issuance, the Holder is entitled to receive a number of Warrant Shares based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise. If the Company enters into a Variable Rate Transaction, despite the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities may be converted or exercised.
  
 c) Subsequent Rights Offerings. In addition to any adjustments pursuant to Section 3(a) above, if at any time the Company grants, issues or sells any Common Stock Equivalents or rights to purchase stock, warrants, securities or other property pro rata to the record holders of any class of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire, upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder could have acquired if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date on which a record is taken for the grant, issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the grant, issue or sale of such Purchase Rights (provided, however, that, to the extent that the Holder’s right to participate in any such Purchase Right would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Purchase Right to such extent (or beneficial ownership of such shares of Common Stock as a result of such Purchase Right to such extent) at such time, but such Purchase Right shall be held in abeyance for the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation), at which time the Holder shall be entitled to participate in such Purchase Right.
   
 	 
	6
	

	 

  
 d) Pro Rata Distributions. During such time as this Warrant is outstanding, if the Company shall declare or make any dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares of Common Stock, by way of return of capital or otherwise (including, without limitation, any distribution of cash, stock or other securities, property or options by way of a dividend, spin off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction, but excluding Purchase Rights) (a “Distribution”), then, in each such case, the Holder shall be entitled to participate in such Distribution to the same extent that the Holder would have participated therein if the Holder had held the number of shares of Common Stock acquirable upon complete exercise of this Warrant (without regard to any limitations on exercise hereof, including without limitation, the Beneficial Ownership Limitation) immediately before the date of which a record is taken for such Distribution, or, if no such record is taken, the date as of which the record holders of shares of Common Stock are to be determined for the participation in such Distribution (provided, however, that, to the extent that the Holder's right to participate in any such Distribution would result in the Holder exceeding the Beneficial Ownership Limitation, then the Holder shall not be entitled to participate in such Distribution to such extent (or in the beneficial ownership of any shares of Common Stock as a result of such Distribution to such extent) at such time, but the portion of such Distribution shall be held in abeyance for the benefit of the Holder until such time, if ever, as its right thereto would not result in the Holder exceeding the Beneficial Ownership Limitation), at which time the Holder shall be entitled to participate in such Purchase Right.
  
 e) Fundamental Transaction. If, at any time while this Warrant is outstanding, (i) the Company, directly or indirectly, in one or more related transactions effects any merger or consolidation of the Company with or into another Person, (ii) the Company (or any Subsidiary), directly or indirectly, effects any sale, lease, license, assignment, transfer, conveyance or other disposition of all or substantially all of its assets in one or a series of related transactions, (iii) any, direct or indirect, purchase offer, tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which holders of Common Stock are permitted to sell, tender or exchange their shares for other securities, cash or property and has been accepted by the holders of 50% or more of the outstanding Common Stock, (iv) the Company, directly or indirectly, in one or more related transactions effects any reclassification, reorganization or recapitalization of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively converted into or exchanged for other securities, cash or property, or (v) the Company, directly or indirectly, in one or more related transactions consummates a stock or share purchase agreement or other business combination (including, without limitation, a reorganization, recapitalization, spin-off, merger or scheme of arrangement) with another Person or group of Persons whereby such other Person or group acquires more than 50% of the outstanding shares of Common Stock (not including any shares of Common Stock held by the other Person or other Persons making or party to, or associated or affiliated with the other Persons making or party to, such stock or share purchase agreement or other business combination) (each a “Fundamental Transaction”), then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, at the option of the Holder (without regard to any limitation in Section 2(e) on the exercise of this Warrant), the number of shares of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration (the “Alternate Consideration”) receivable 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. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction, the Company or any Successor Entity (as defined below) shall, at the option of the Holder, exercisable at any time concurrently with, or within 30 days after, the consummation of the Fundamental Transaction (or, if later, the date of the public announcement of the applicable Fundamental Transaction), purchase this Warrant from the Holder by paying to the Holder an amount of cash equal to the Black Scholes Value (as defined below) of the remaining unexercised portion of this Warrant on the date of the consummation of such Fundamental Transaction. “Black Scholes Value” means the value of this Warrant based on the Black-Scholes Option Pricing Model obtained from the “OV” function on Bloomberg, L.P. (“Bloomberg”) determined as of the day of consummation of the applicable Fundamental Transaction for pricing purposes and reflecting (A) a risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date, (B) an expected volatility equal to the greater of 100% and the 100 day volatility obtained from the HVT function on Bloomberg as of the Trading Day immediately following the public announcement of the applicable Fundamental Transaction, (C) the underlying price per share used in such calculation shall be the greater of (i) the sum of the price per share being offered in cash, if any, plus the value of any non-cash consideration, if any, being offered in such Fundamental Transaction and (ii) the highest VWAP during the period beginning on the Trading Day immediately preceding the announcement of the applicable Fundamental Transaction (or the consummation of the applicable Fundamental Transaction, if earlier) and ending on the Trading Day of the Holder’s request pursuant to this section 3(e) and (D) a remaining option time equal to the time between the date of the public announcement of the applicable Fundamental Transaction and the Termination Date. The payment of the Black Scholes Value will be made by wire transfer of immediately available funds within five Business Days of the Holder’s election (or, if later, on the effective date of the Fundamental Transaction). The Company shall cause any successor entity in a Fundamental Transaction in which the Company is not the survivor (the “Successor Entity”) to assume in writing all of the obligations of the Company under this Warrant 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, 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.
   
 	 
	7
	

	 

  
 f) Calculations. All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be. For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.
  
 g) Notice to Holder.
  
 i. Adjustment to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly deliver to the Holder by email a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.
  
 ii. Notice to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the Common Stock, (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock, (C) the Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares of capital stock of any class or of any rights, (D) the approval of any stockholders of the Company shall be required in connection with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer of all or substantially all of the assets of the Company, or any compulsory share exchange whereby the Common Stock is converted into other securities, cash or property, or (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation or winding up of the affairs of the Company, then, in each case, the Company shall cause to be delivered by email to the Holder at its last email 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 deliver such notice or any defect therein or in the delivery thereof shall not affect the validity of the corporate action required to be specified in such notice. To the extent that any notice provided in this Warrant 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.
   
 	 
	8
	

	 

  
 Section 4. Transfer of Warrant.
  
 a) Transferability. Subject to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights) are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer. Upon such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. Notwithstanding anything herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company unless the Holder has assigned this Warrant in full, in which case, the Holder shall surrender this Warrant to the Company within three (3) Trading Days of the date on which the Holder delivers an assignment form to the Company assigning this Warrant in full. The Warrant, if properly assigned in accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.
  
 b) New Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by the Holder or its agent or attorney. Subject to compliance with Section 4(a), as to any transfer which may be involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant thereto.
  
 c) Warrant Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant Register”), in the name of the record Holder hereof from time to time. The Company may deem and treat the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to the Holder, and for all other purposes, absent actual notice to the contrary.
  
 d) Transfer Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions or current public information requirements pursuant to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant, as the case may be, comply with the provisions of Section 5.7 of the Purchase Agreement.
   
 	 
	9
	

	 

  
 e) Representation by the Holder. The Holder, by the acceptance hereof, represents and warrants that it is acquiring this Warrant and, upon any exercise hereof, will acquire the Warrant Shares issuable upon such exercise, for its own account and not with a view to or for distributing or reselling such Warrant Shares or any part thereof in violation of the Securities Act or any applicable state securities law, except pursuant to sales registered or exempted under the Securities Act.
  
 Section 5. 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), except as expressly set forth in Section 3.
  
 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 issuing the necessary Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company will take all such reasonable action as may be necessary to assure that such Warrant Shares may be issued as provided herein without violation of any applicable law or regulation, or of any requirements of the Trading Market upon which the Common Stock may be listed. The Company covenants that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will, upon exercise of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith, be duly authorized, validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).
  
 Except and to the extent as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary or appropriate to protect the rights of Holder as set forth in this Warrant against impairment. Without limiting the generality of the foregoing, the Company will (i) not increase the par value of any Warrant Shares above the amount payable therefor upon such exercise immediately prior to such increase in par value, (ii) take all such action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant and (iii) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory body having jurisdiction thereof, as may be, necessary to enable the Company to perform its obligations under this Warrant.
   
 	 
	10
	

	 

  
 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 Purchase Agreement.
  
 f) Restrictions. The Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions upon resale imposed by state and federal securities laws.
  
 g) Nonwaiver and Expenses. No course of dealing or any delay or failure to exercise any right hereunder on the part of Holder shall operate as a waiver of such right or otherwise prejudice the Holder’s rights, powers or remedies. Without limiting any other provision of this Warrant or the Purchase Agreement, if the Company willfully and knowingly fails to comply with any provision of this Warrant, which results in any material damages to the Holder, the Company shall pay to the Holder such amounts as shall be sufficient to cover any costs and expenses including, but not limited to, reasonable attorneys’ fees, including those of appellate proceedings, incurred by the Holder in collecting any amounts due pursuant hereto or in otherwise enforcing any of its rights, powers or remedies hereunder.
  
 h) Notices. Any notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered in accordance with the notice provisions of the Purchase Agreement.
  
 i) Limitation of Liability. No provision hereof, in the absence of any affirmative action by the Holder to exercise this Warrant to purchase Warrant Shares, and no enumeration herein of the rights or privileges of the Holder, shall give rise to any liability of the Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the Company or by creditors of the Company.
  
 j) Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific performance of its rights under this Warrant. The Company agrees that monetary damages would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.
  
 k) Successors and Assigns. Subject to applicable securities laws, this Warrant and the rights and obligations evidenced hereby shall inure to the benefit of and be binding upon the successors and permitted assigns of the Company and the successors and permitted assigns of Holder. The provisions of this Warrant are intended to be for the benefit of any Holder from time to time of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.
  
 l) Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company and the Holder.
  
 m) Severability. Wherever possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions of this Warrant.
  
 n) Headings. The headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this Warrant.
  
 (Signature Page Follows)
   
 	 
	11
	

	 

  
 IN WITNESS WHEREOF, the Company has caused this Warrant to be executed by its officer thereunto duly authorized as of September 30, 2022.
  
 		 SOBR SAFE, INC.
	
				
		 By: 
		
		 Name: 
	 David Gandini
	
		 Title: 
	 Chief Executive Officer
	

  
 	 
	12
	

	 

  
 EXHIBIT A 
  
 NOTICE OF EXERCISE
 To: SOBR SAFE, 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 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:
 _______________________________
 _______________________________
  
 _______________________________
  
 (4) 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 of Authorized Signatory: ___________________________________________________________________
 Title of Authorized Signatory: ____________________________________________________________________
 Date: ________________________________________________________________________________________
   
 	 
	13
	

	 

  
 EXHIBIT B
  
 ASSIGNMENT FORM
  
 (To assign the foregoing Warrant, execute this form and supply required information. Do not use this form to purchase shares.)
  
 FOR VALUE RECEIVED, the foregoing Warrant and all rights evidenced thereby are hereby assigned to
  
 	 Name:
	
		 (Please Print)

		
	 Address:
	
		 (Please Print)

	 Phone Number:
	
		
	 Email Address: 
	
		
	 Dated: _______________ __, ______
	
		
	 Holder’s Signature: 
	
		
	 Holder’s Address: 
	

  
 [Please add acknowledgment by transference of its obligations and that it has received a copy of the relevant Transaction Documents.]
  
 	 
	 14

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00349-of-00352.parquet"}]]