Document:

Exhibit 10.1

 

THE EXCHANGE CONTEMPLATED HEREIN IS INTENDED
TO COMPORT WITH THE REQUIREMENTS OF SECTION 3(a)(9) OF THE SECURITIES ACT OF 1933, AS AMENDED. 

EXCHANGE AGREEMENT

This Exchange Agreement
(this “Agreement”) is entered into as of January 29, 2019 by and between Chicago Venture Partners, L.P., a Utah
limited partnership (“Lender”), and Inpixon, a Nevada corporation (“Borrower” or the “Company”).
Capitalized terms used in this Agreement without definition shall have the meanings given to them in the Original Note (defined
below).

A.               
Borrower previously sold and issued to Lender that certain Convertible Promissory Note dated November 17, 2017, as amended
(the “Original Note”) in the original principal amount of $1,745,000.00 pursuant to that certain Securities
Purchase Agreement dated November 17, 2017 by and between Lender and Borrower, as amended (the “Purchase Agreement,”
and together with the Original Note and all other documents entered into in conjunction therewith, the “Transaction Documents”).

B.                
Subject to the terms of this Agreement, Borrower and Lender desire to partition a new Convertible Promissory Note in the
form of the Original Note (the “Partitioned Note”) in the original principal amount of $383,768.07 (“Exchange
Amount”) from the Original Note and then cause the outstanding balance of the Original Note to be reduced by an amount
equal to the Exchange Amount, which represents the total outstanding balance of the Partitioned Note.

C.                
Borrower and Lender further desire to exchange (such exchange is referred to as the “Note Exchange”)
the Partitioned Note for the delivery of 172,869 shares of the Company’s Common Stock, par value $0.001 (the “Common
Stock”, and such 172,869 shares of Common Stock, the “Exchange Shares”), at an effective price per
Exchange Share equal to $2.22, according to the terms and conditions of this Agreement.

D.               
The Note Exchange will consist of Lender surrendering the Partitioned Note in exchange for the Exchange Shares, which will
be issued free of any restrictive securities legend. Other than the surrender of the Partitioned Note, no consideration of any
kind whatsoever shall be given by Lender to Borrower in connection with this Agreement.

E.                
Lender and Borrower now desire to exchange the Partitioned Note for the Exchange Shares on the terms and conditions set
forth herein.

NOW, THEREFORE,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

1.                 
Recitals and Definitions. Each of the parties hereto acknowledges and agrees that the recitals set forth above in
this Agreement are true and accurate, are contractual in nature, and are hereby incorporated into and made a part of this Agreement.

    	 	1	 

     

    

 

2.                 
Partition. Effective as of the date hereof, Borrower and Lender agree that the Partitioned Note is hereby partitioned
from the Original Note. Following such partition of the Original Note, Borrower and Lender agree that the Original Note shall be
deemed paid in full, shall automatically be deemed canceled, and shall not be reissued.

3.                 
Issuance of Shares. Pursuant to the terms and conditions of this Agreement, the Exchange Shares shall be delivered
to Lender on or before January 31, 2019 and the Note Exchange shall occur with Lender surrendering the Partitioned Note to Borrower
on the Free Trading Date (as defined below). On the Free Trading Date, the Partitioned Note shall be cancelled and all obligations
of Borrower under the Partitioned Note shall be deemed fulfilled. All Exchange Shares delivered hereunder shall be delivered via
DWAC to Lender’s designated brokerage account. Borrower agrees to provide all necessary cooperation or assistance that may
be required to cause all Exchange Shares delivered hereunder to become Free Trading (the first date such occurs, the “Free
Trading Date”). For purposes hereof, the term “Free Trading” means that (a) the Exchange Shares have
been cleared and approved for public resale by the compliance departments of Lender’s brokerage firm and the clearing firm
servicing such brokerage, and (b) such shares are held in the name of the clearing firm servicing Lender’s brokerage firm
and have been deposited into such clearing firm’s account for the benefit of Lender.

4.                 
Closing. The closing of the transaction contemplated hereby (the “Closing”) along with the delivery
of the Exchange Shares to Lender shall occur on the date that is mutually agreed to by Borrower and Lender by means of the exchange
by email of .pdf documents, but shall be deemed to have occurred at the offices of Hansen Black Anderson Ashcraft PLLC in Lehi,
Utah.

5.                 
Holding Period, Tacking and Legal Opinion. Borrower represents, warrants and agrees that for the purposes of Rule
144 (“Rule 144”) of the Securities Act of 1933, as amended (the “Securities Act”), the holding
period of the Partitioned Note and the Exchange Shares will include Lender’s holding period of the Original Note from November
17, 2017, as amended or modified pursuant to that certain (a) Waiver and First Amendment Agreement, dated January 5, 2018; (b)
Standstill Agreement, dated May 23, 2018; (c) Standstill Agreement, dated August 30, 2018; and (d) Standstill Agreement, dated
November 26, 2018 (the “Waiver Documents”). Borrower agrees not to take a position contrary to this Section
5 in any document, statement, setting, or situation. Borrower agrees to take all action necessary to issue the Exchange Shares
without restriction, and not containing any restrictive legend without the need for any action by Lender; provided that the applicable
holding period has been met. In furtherance thereof, prior to the Closing, counsel to Lender may, in its sole discretion, provide
an opinion that: (a) the Exchange Shares may be resold pursuant to Rule 144 without volume or manner-of-sale restrictions; and
(b) the transactions contemplated hereby and all other documents associated with this transaction comport with the requirements
of Section 3(a)(9) of the Securities Act. Borrower represents that it is not subject to Rule 144(i). The Exchange Shares are being
issued in substitution of and exchange for and not in satisfaction of the Partitioned Note. The Exchange Shares shall not constitute
a novation or satisfaction and accord of the Partitioned Note. Borrower acknowledges and understands that the representations
and agreements of Borrower in this Section 5 are a material inducement to Lender’s decision to consummate the transactions
contemplated herein.

    	 	2	 

     

    

 

6.                 
Representations, Warranties and Agreements.

(a)              
Borrower Representations, Warranties and Agreement. In order to induce Lender to enter into this Agreement, Borrower,
for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a)
Borrower has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of
any of the obligations of Borrower hereunder, (c) no Event of Default has occurred under the Original Note and any Events of Default
that may have occurred thereunder have not been, and are not hereby, waived by Lender (except as may have previously been waived
pursuant to the Waiver Documents), (d) except as specifically set forth herein, nothing herein shall in any manner release, lessen,
modify or otherwise affect Borrower’s obligations under the Original Note, (e) the issuance of the Exchange Shares is duly
authorized by all necessary corporate action and the Exchange Shares are validly issued, fully paid and non-assessable, free and
clear of all taxes, liens, claims, pledges, mortgages, restrictions, obligations, security interests and encumbrances of any kind,
nature and description, (f) Borrower has not received any consideration in any form whatsoever for entering into this Agreement,
other than the surrender of the Partitioned Note, and (g) Borrower has taken no action which would give rise to any claim by any
person for a brokerage commission, placement agent or finder’s fee or other similar payment by Borrower related to this Agreement.

(b)              
Lender Representations Warranties and Agreement. In order to induce the Company to enter into this Agreement, Lender
for itself, and for its affiliates, successors and assigns, hereby acknowledges, represents, warrants and agrees as follows: (a)
Lender has full power and authority to enter into this Agreement and to incur and perform all obligations and covenants contained
herein, all of which have been duly authorized by all proper and necessary action, (b) no consent, approval, filing or registration
with or notice to any governmental authority is required as a condition to the validity of this Agreement or the performance of
any of the obligations of Lender hereunder, (c) the Lender understands that the Exchange Shares are being offered and exchanged
in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that
the Company is relying in part upon the truth and accuracy of, and the Lender’s compliance with, the representations, warranties,
agreements, acknowledgments and understandings of the Lender set forth herein and in the Exchange Documents in order to determine
the availability of such exemptions and the eligibility of the Lender to acquire the Exchange Shares, (d) the Lender understands
that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation
or endorsement of the Securities or the fairness or suitability of the investment in the Partitioned Note or the Exchange Shares
nor have such authorities passed upon or endorsed the merits of the offering of the Partitioned Note or the Exchange Shares, (e)
the Lender is acquiring the Partitioned Note in the ordinary course of its business, the Lender has such knowledge, sophistication,
and experience in business and financial matters so as to be capable of evaluation of the merits and risks of the prospective investment
in the Partitioned Note and Exchange Shares and has so evaluated the merits and risk of such investment and the Lender is an “accredited
investor” as defined in Regulation D under the Securities Act, (f) the Lender owns the Original Note free and clear of any
liens and (h) the Lender shall not sell, purchase, trade or otherwise dispose of or acquire any shares of Common Stock or other
securities of the Company until a Current Report on Form 8-K disclosing the transactions contemplated hereunder is filed with the
U.S. Securities and Exchange Commission, which shall be filed no later than 9:30am EST on Wednesday, January 30, 2019.

8.                 
Arbitration. By its execution of this Agreement, each party agrees to be bound by the Arbitration Provisions (as
defined in the Purchase Agreement) set forth as an exhibit to the Purchase Agreement and the parties agree to submit all Claims
(as defined in the Purchase Agreement) arising under this Agreement or any Transaction Document or other agreement between the
parties and their affiliates to binding arbitration pursuant to the Arbitration Provisions.

    	 	3	 

     

    

 

9.                 
Governing Law; Venue. This Agreement shall be construed and enforced in accordance with, and all questions concerning
the construction, validity, interpretation and performance of this Agreement shall be governed by, the internal laws of the State
of Utah, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of Utah or any other
jurisdictions) that would cause the application of the laws of any jurisdictions other than the State of Utah. The provisions set
forth in the Purchase Agreement to determine the proper venue for any disputes are incorporated herein by this reference. BORROWER
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE
HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

10.             
Counterparts. This Agreement may be executed in any number of counterparts with the same effect as if all signing
parties had signed the same document. All counterparts shall be construed together and constitute the same instrument. The exchange
of copies of this Agreement and of signature pages by facsimile transmission or other electronic transmission (including email)
shall constitute effective execution and delivery of this Agreement as to the parties and may be used in lieu of the original Agreement
for all purposes. Signatures of the parties transmitted by facsimile transmission or other electronic transmission (including email)
shall be deemed to be their original signatures for all purposes.

11.             
Attorneys’ Fees. In the event of any arbitration or action at law or in equity to enforce or interpret the
terms of this Agreement, the parties agree that the party who is awarded the most money shall be deemed the prevailing party for
all purposes and shall therefore be entitled to an additional award of the full amount of the attorneys’ fees and expenses 
paid by such prevailing party in connection with the arbitration, litigation and/or dispute without reduction or apportionment
based upon the individual claims or defenses  giving rise to the fees and expenses.  Nothing herein shall restrict or
impair an arbitrator’s or a court’s power to award fees and expenses for frivolous or bad faith pleading.

12.             
No Reliance. Borrower acknowledges and agrees that neither Lender nor any of its officers, directors, members, managers,
equity holders, representatives or agents has made any representations or warranties to Borrower or any of its agents, representatives,
officers, directors, or employees except as expressly set forth in this Agreement and the Transaction Documents and, in making
its decision to enter into the transactions contemplated by this Agreement, Borrower is not relying on any representation, warranty,
covenant or promise of Lender or its officers, directors, members, managers, equity holders, agents or representatives other than
as set forth in this Agreement.

13.             
Severability. If any part of this Agreement is construed to be in violation of any law, such part shall be modified
to achieve the objective of the parties to the fullest extent permitted and the balance of this Agreement shall remain in full
force and effect.

14.             
Entire Agreement. This Agreement, together with the Transaction Documents, and all other documents referred to herein,
supersedes all other prior oral or written agreements between Borrower, Lender, its affiliates and persons acting on its behalf
with respect to the matters discussed herein, and this Agreement and the instruments referenced herein contain the entire understanding
of the parties with respect to the matters covered herein and therein and, except as specifically set forth herein or therein,
neither Lender nor Borrower makes any representation, warranty, covenant or undertaking with respect to such matters.

15.             
Amendments. This Agreement may be amended, modified, or supplemented only by written agreement of the parties. No
provision of this Agreement may be waived except in writing signed by the party against whom such waiver is sought to be enforced.

16.             
Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and assigns. This Agreement or any of the severable rights and obligations inuring to the benefit of or to be performed
by Lender hereunder may be assigned by Lender to a third party, including its financing sources, in whole or in part. Borrower
may not assign this Agreement or any of its obligations herein without the prior written consent of Lender.

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17.             
Continuing Enforceability; Conflict Between Documents. Except as otherwise modified by this Agreement, the Original
Note, the Partitioned Note and each of the other Transaction Documents shall remain in full force and effect, enforceable in accordance
with all of its original terms and provisions. This Agreement shall not be effective or binding unless and until it is fully executed
and delivered by Lender and Borrower. If there is any conflict between the terms of this Agreement and the Partitioned Note, on
the one hand, and the Original Note or any other Transaction Document, on the other hand, the terms of this Agreement and the Partitioned
Noted shall prevail.

18.             
Time of Essence. Time is of the essence with respect to each and every provision of this Agreement.

19.             
Notices. Unless otherwise specifically provided for herein, all notices, demands or requests required or permitted
under this Agreement to be given to Borrower or Lender shall be given as set forth in the “Notices” section of the
Purchase Agreement.

20.             
Further Assurances. Each party shall do and perform or cause to be done and performed, all such further acts and
things, and shall execute and deliver all such other agreements, certificates, instruments and documents, as the other party may
reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the transactions
contemplated hereby.

    	 	5	 

     

    

 

IN WITNESS WHEREOF,
the undersigned have executed this Agreement as of the date first set forth above.

	 	 	COMPANY:	 
	 	 	 	 
	 	 	INPIXON	 
	 	 	 	 
	 	 	By:	/s/ Nadir Ali	 
	 	 	Name:	Nadir Ali	 
	 	 	Title:	CEO	 
	 	 	 	 
	 	 	LENDER:	 
	 	 	 	 
	 	 	CHICAGO VENTURE PARTNERS, L.P.
	 	 	 	 
	 	 	By:	 Chicago Venture Management, L.L.C., its
	 	 		General Partner	 
	 	 	 	 
	 	 	By:
	CVM, Inc., its Manger
	 
	 	 	 	 
	 	 	By:	/s/ John M. Fife	 
	 	 	 	John M. Fife, President	 

 

 

 

[Signature Page to Exchange Agreement]

    	 	6EX-4.1

 Exhibit 4.1 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR REGISTERED OR QUALIFIED UNDER ANY
STATE SECURITIES LAWS. THE SECURITIES MAY NOT BE SOLD, TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS SUCH SALE, TRANSFER, PLEDGE OR HYPOTHECATION IS IN ACCORDANCE WITH SUCH ACT AND APPLICABLE STATE SECURITIES LAWS. 

Warrant No. POC 1 
 No. of Shares of Common Stock:
900,000 
 WARRANT 

to Purchase Common Stock of 

Trovagene, Inc. 
 a
Delaware Corporation 
 This Warrant certifies that POC Capital, LLC, a California limited liability company
(“Purchaser”), is entitled to purchase from Trovagene, Inc., a Delaware corporation (the “Company”), 900,000 shares of Common Stock (or any portion thereof) at an exercise price of $0.627 per share of Common Stock,
for a period of five (5) years from the date hereof, all on the terms and conditions herein/after provided. This Warrant is issued in connection with the transactions described in the Stock and Warrant Subscription Agreement, dated as of even
date herewith, by and among the Company and the Purchaser. 
 Section 1. Certain Definitions. As used in this Warrant, unless
the context otherwise requires: 
 “Articles” shall mean the Certificate of Incorporation of the Company, as in effect from
time to time. 
 “Common Stock” shall mean the Company’s authorized common stock, $0.0001 par value per share. 

“Exercise Price” shall mean the exercise price per share of Common Stock set forth above, as adjusted from time to time
pursuant to Section 3 hereof. 
 “Securities Act” shall mean the Securities Act of 1933, as amended. 

“Warrant” shall mean this Warrant and all additional or new warrants issued upon division or combination of, or in
substitution for, this Warrant. All such additional or new warrants shall at all times be identical as to terms and conditions and date, except as to the number of shares of Common Stock for which they may be exercised. 

“Warrant Stock” shall mean the shares of Common Stock purchasable by the holder of this Warrant upon the exercise of such
Warrant. 
 “Warrantholder” shall mean the Purchaser, as the initial holder of this Warrant, and its nominees, successors
or assigns, including any subsequent holder of this Warrant to whom it has been legally transferred. 
 Section 2. Exercise of
Warrant. 
 (a) At any time during the five (5) years following the date hereof, the Purchaser may at any time and from time to time
exercise this Warrant, in whole or in part. 
 (b) The Warrantholder shall exercise this Warrant by means of delivering to the Company at its
office identified in Section 14 hereof (i) a written notice of exercise, including the number of shares of Warrant Stock to be delivered pursuant to such exercise, (ii) this Warrant and (iii) payment equal to the Exercise Price
in accordance with Section 2(c). In the event that any exercise shall not be for all shares of Warrant Stock purchasable hereunder, the Company shall deliver to the Warrantholder a new Warrant registered in the name of the Warrantholder, of
like tenor to this Warrant and for the remaining shares of 

  
 -1- 

 
Warrant Stock purchasable hereunder, within ten (10) days of any such exercise. Such notice of exercise shall be in the Subscription Form set out at the end of this Warrant. 

(c) The Warrantholder may elect to pay the Exercise Price to the Company either by cash, certified check or wire transfer. 

(d) Upon exercise of this Warrant and delivery of the Subscription Form with proper payment relating thereto, the Company shall cause to be
executed and delivered to the Warrantholder a certificate or certificates representing the aggregate number of fully-paid and nonassessable shares of Common Stock issuable upon such exercise. 

(e) The stock certificate or certificates for Warrant Stock to be delivered in accordance with Section 2 and Section 3 shall be in
such denominations as may be specified in said notice of exercise and shall be registered in the name of the Warrantholder or such other name or names as shall be designated in said notice. Such certificate or certificates shall be deemed to have
been issued and the Warrantholder or any other person so designated to be named therein shall be deemed to have become the holder of record of such shares, including to the extent permitted by law the right to vote such shares or to consent or to
receive notice as stockholders, as of the time said notice is delivered to the Company as aforesaid. 
 (f) The Company shall pay all
expenses payable in connection with the preparation, issue and delivery of stock certificates under Section 2 and Section 3, including any transfer taxes resulting from the exercise of the Warrant and the issuance of Warrant Stock
hereunder. 
 (g) All shares of Warrant Stock issuable upon the exercise of this Warrant in accordance with the terms hereof shall be
validly issued, fully paid and nonassessable, and free from all liens and other encumbrances thereon, other than liens or other encumbrances created by the Warrantholder. 

(h) In no event shall any fractional share of Common Stock be issued upon any exercise of this Warrant. If, upon any exercise of this Warrant,
the Warrantholder would, except as provided in this paragraph, be entitled to receive a fractional share of Common Stock, then the Company shall deliver in cash to such holder an amount equal to such fractional interest. 

(i) The Company shall not effect any exercise of this Warrant, and the Warrantholder 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, the Warrantholder (together with the Warrantholder’s affiliates, and any other persons acting as a group together with the
Warrantholder or any of the Warrantholder’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 Warrantholder 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 Warrantholder 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 subject to a limitation on conversion or exercise analogous to the limitation contained herein
beneficially owned by the Warrantholder or any of its affiliates or Attribution Parties. Except as set forth in the preceding sentence, for purposes of this Section 2(i), beneficial ownership shall be calculated in accordance with
Section 13(d) of the Exchange Act of 1934, as amended (the “Exchange Act”), and the rules and regulations promulgated thereunder, it being acknowledged by the Warrantholder that the Company is not representing to the
Warrantholder that such calculation is in compliance with Section 13(d) of the Exchange Act and the Warrantholder is solely responsible for any schedules required to be filed in accordance therewith. To the extent that the limitation contained
in this Section 2(i) applies, the determination of whether this Warrant is exercisable (in relation to other securities owned by the Warrantholder together with any affiliates and Attribution Parties) and of which portion of this Warrant is
exercisable shall be in the sole discretion of the Warrantholder, and the submission of a notice of exercise shall be deemed to be the Warrantholder’s determination of whether this Warrant is exercisable (in relation to other securities owned
by the Warrantholder together with any affiliates and 

  
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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(i), in determining the number of outstanding shares of Common Stock, a Warrantholder 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 Securities and Exchange 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 of the Company setting forth
the number of shares of Common Stock outstanding. Upon the written or oral request of a Warrantholder, the Company shall confirm orally and in writing to the Warrantholder 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% (or, upon election by a Warrantholder prior to the issuance of any Warrants, 9.99%) of the number of shares of the
Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant. The Warrantholder, upon notice to the Company, may increase or decrease the Beneficial Ownership Limitation
provisions of this Section 2(i), 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 Warrantholder and the provisions of this Section 2(i) 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(i) 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. Net Issue Exercise. If at the time of exercise hereof there is no effective
registration statement registering, or the prospectus contained therein is not available for the issuance of the Warrant Stock to the Holder, then in lieu of exercising this Warrant pursuant to Section 2(c), if the fair market value of one
share of Common Stock is greater than the Exercise Price (at the date of calculation as set forth below), the Warrantholder must elect, to receive a number of shares of Common Stock equal to the value of this Warrant (or of any portion of this
Warrant being canceled) by surrender of this Warrant at the principal office of the Company (or such other office or agency as the Company may designate) together with a properly completed and executed Notice of Exercise reflecting such election, in
which event the Company shall issue to the Warrantholder that number of shares of Common Stock computed using the following formula: 
  

					
	X         =	  	Y (A – B)	  	
	  	A	  	 

 Where: 

  
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	X	  	=	  	The number of shares of Common Stock to be issued to the Warrantholder
	Y	  	=	  	The number of shares of Common Stock purchasable under this Warrant or, if only a portion of the Warrant is being exercised, the portion of the Warrant being canceled (at the date of such calculation)
	A	  	=	  	The fair market value of one share of Common Stock (at the date of such calculation)
	B	  	=	  	The Exercise Price (as adjusted to the date of such calculation)

 For purposes of the calculation above, the fair market value of one share of the Common Stock shall be the average of
the closing bid prices of the Common Stock or the closing price quoted on the national securities exchange on which the Common Stock is listed as published in the Wall Street Journal, as applicable, for the ten (10) trading day period
ending five (5) trading days prior to the date of determination of fair market value. Under no circumstances will the Company be required to net cash settle the Warrants, nor to pay any liquidated damages in lieu of delivery of shares of common
stock of the Company resulting from a failure to satisfy any obligations under the Warrants, and, the Warrants expire after the close of business on January 25, 2024. 

Section 4. Adjustment of Exercise Price and Warrant Stock. 

(a) If, at any time prior to the Expiration Date, the number of outstanding shares of Common Stock is (i) increased by a stock dividend
payable in shares of Common Stock or by a subdivision or split-up of shares of Common Stock, or (ii) decreased by a combination of shares of Common Stock, then, following the record date fixed for the
determination of holders of Common Stock entitled to receive the benefits of such stock dividend, subdivision, split-up, or combination, the Exercise Price shall be adjusted to a new amount equal to the
product of (I) the Exercise Price in effect on such record date and (II) the quotient obtained by dividing (x) the number of shares of Common Stock outstanding on such record date (without giving effect to the event referred to in the
foregoing clause (i) or (ii)), by (y) the number of shares of Common Stock which would be outstanding immediately after the event referred to in the foregoing clause (i) or (ii), if such event had occurred immediately following such
record date. 
 (b) Upon each adjustment of the Exercise Price as provided in Section 4(a), the Warrantholder shall thereafter be
entitled to subscribe for and purchase, at the Exercise Price resulting from such adjustment, the number of shares of Warrant Stock equal to the product of (i) the number of shares of Warrant Stock existing prior to such adjustment and
(ii) the quotient obtained by dividing (I) the Exercise Price existing prior to such adjustment by (II) the new Exercise Price resulting from such adjustment. 

(c) If, at any time prior to the Expiration Date, there occurs an event which would cause the automatic conversion (“Automatic
Conversion”) of the Warrant Stock into shares of Common Stock in accordance with the Articles, then any Warrant shall thereafter be exercisable, prior to the Expiration Date, into the number of shares of Common Stock into which the Warrant
Stock would have been convertible pursuant to the Charter if the Automatic Conversion had not taken place. 
 Section 5. Division
and Combination. This Warrant may be divided or combined with other Warrants upon presentation 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 Warrantholder or its agent or attorney. The Company shall pay all expenses in connection with the preparation, issue and delivery of Warrants under this Section 4, including any transfer taxes resulting from the division or
combination hereunder. The Company agrees to maintain at its aforesaid office books for the registration of the Warrants. 

  
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 Section 6. Reclassification, Etc. In case of any reclassification or change of
the outstanding Common Stock (other than as a result of a subdivision, combination or stock dividend), or in case of any consolidation of the Company with, or merger of the Company into, another corporation or other business organization (other than
a consolidation or merger in which the Company is the continuing corporation and which does not result in any reclassification or change of the outstanding Common) at any time prior to the Expiration Date, then, as a condition of such
reclassification, reorganization, change, consolidation or merger, lawful provision shall be made, and duly executed documents evidencing the same from the Company or its successor shall be delivered to the Warrantholder, so that the Warrantholder
shall have the right prior to the Expiration Date to purchase, at a total price not to exceed that payable upon the exercise of this Warrant, the kind and amount of shares of stock and other securities and property receivable upon such
reclassification, reorganization, change, consolidation or merger by a holder of the number of shares of Common Stock which might have been purchased by the Warrantholder immediately prior to such reclassification, reorganization, change,
consolidation or merger, in any such case appropriate provisions shall be made with respect to the rights and interest of the Warrantholder to the end that the provisions hereof (including provisions for the adjustment of the Exercise Price and of
the number of shares purchasable upon exercise of this Warrant) shall thereafter be applicable in relation to any shares of stock and other securities and property thereafter deliverable upon exercise hereof. 

Section 7. Reservation and Authorization of Capital Stock. The Company shall at all times reserve and keep available for issuance
such number of its authorized but unissued shares of Common Stock as will be sufficient to permit the exercise in full of all outstanding Warrants. 

Section 8. Stock and Warrant Books. The Company will not at any time, except upon dissolution, liquidation or winding up, close
its stock books or Warrant books so as to result in preventing or delaying the exercise of any Warrant. 
 Section 9. Limitation of
Liability. No provisions hereof, in the absence of affirmative action by the Warrantholder to purchase Warrant Stock hereunder, shall give rise to any liability of the Warrantholder to pay the Exercise Price or as a stockholder of the Company
(whether such liability is asserted by the Company or creditors of the Company). 
 Section 10. Transfer. Subject to compliance with
the Securities Act and the applicable rules and regulations promulgated thereunder, this Warrant and all rights hereunder shall be transferable in whole or in part. Any such transfer shall be made at the office or agency of the Company at which this
Warrant is exercisable, by the registered holder hereof in person or by its duly authorized attorney, upon surrender of this Warrant together with the assignment hereof properly endorsed, and promptly thereafter a new warrant shall be issued and
delivered by the Company, registered in the name of the assignee. Until registration of transfer hereof on the books of the Company, the Company may treat the Purchaser as the owner hereof for all purposes. 

Section 11. Investment Representations; Restrictions on Transfer of Warrant Stock. Unless a current registration statement under
the Securities Act shall be in effect with respect to the Warrant Stock to be issued upon exercise of this Warrant, the Warrantholder, by accepting this Warrant, covenants and agrees that, at the time of exercise hereof, and at the time of any
proposed transfer of Warrant Stock acquired upon exercise hereof, such Warrantholder will deliver to the Company a written statement that the securities acquired by the Warrantholder upon exercise hereof are for the account of the Warrantholder or
are being held by the Warrantholder as trustee, investment manager, investment advisor or as any other fiduciary for the account of the beneficial owner or owners for investment and are not acquired with a view to, or for sale in connection with,
any distribution thereof (or any portion thereof) and with no present intention (at any such time) of offering and distributing such securities (or any portion thereof). 

Section 12. Loss, Destruction of Warrant Certificates. Upon receipt of evidence satisfactory to the Company of the loss, theft,
destruction or mutilation of any Warrant and, in the case of any such loss, theft 

  
 -5- 

 
or destruction, upon receipt of indemnity and/or security satisfactory to the Company or, in the case of any such mutilation, upon surrender and cancellation of such Warrant, the Company will
make and deliver, in lieu of such lost, stolen, destroyed or mutilated Warrant, a new Warrant of like tenor and representing the right to purchase the same aggregate number of shares of Common Stock. 

Section 13. Amendments. The terms of this Warrant may be amended, and the observance of any term herein may be waived, but only
with the written consent of the Company and the Warrantholder. 
 Section 14. Notices Generally. Any notice, request, consent,
other communication or delivery pursuant to the provisions hereof shall be in writing and shall be sent by one of the following means: (i) by registered or certified first class mail, postage prepaid, return receipt requested; (ii) by
facsimile transmission with confirmation of receipt; (iii) by nationally recognized courier service guaranteeing overnight delivery; or (iv) by personal delivery, and shall be properly addressed to the Warrantholder at the last known
address or facsimile number appearing on the books of the Company, or, except as herein otherwise expressly provided, to the Company at its principal executive office, or such other address or facsimile number as shall have been furnished to the
party giving or making such notice, demand or delivery. 
 Section 15. Successors and Assigns. This Warrant shall bind and inure
to the benefit of and be enforceable by the parties hereto and their respective permitted successors and assigns. 
 Section 16.
Governing Law. In all respects, including all matters of construction, validity and performance, this Warrant and the obligations arising hereunder shall be governed by, and construed and enforced in accordance with the laws of the State of
Nevada. 
 Section 17. California Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN
QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES
IS EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 

  
 -6- 

 IN WITNESS WHEREOF, the Company has caused this Warrant to be signed in its name by its
President. 
 Dated: January 25, 2019 
  

			
	 Trovagene, Inc.
 a Delaware
Corporation

 
			
		
	By:	 	  

 
			
	Print name:	 	  

 
			
	Title:	 	  

  
 -7- 

 SUBSCRIPTION FORM 

(to be executed only upon exercise of Warrant) 

To: Trovagene, Inc. 
 The undersigned, pursuant
to the provisions set forth in the attached Warrant (No.    ), hereby irrevocably elects to purchase                      shares
of the Common Stock covered by such Warrant and herewith makes payment of $            , representing the full purchase price for such shares at the price per share provided for in such
Warrant. 
  

					
	Dated:                                 	 	Name:	 	  

		 	Signature:	 	  

		 	Address:	 	  

  
 -8-

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