Document:

Exhibit
10.2

 

AMERICAN
MEDICAL REIT INC.

 

PROMISSORY
NOTE

 

$800,000.00

 

March
3, 2020

 

FOR
VALUE RECEIVED, the undersigned, AMERICAN MEDICAL REIT INC., a Maryland corporation (the “Borrower”),
hereby promises to pay to the order of DSS Securities, Inc. (together with its successors and permitted assigns, the “Lender”),
in lawful money of the United States of America, without setoff and in immediately available funds, the principal sum of Eight
Hundred Thousand Dollars ($800,000.00)(“Note Principal”), together with interest thereon from the date of this Promissory
Note (this “Note”). All amounts due under this Note shall be paid on or before March 3, 2022. Interest on the outstanding
balance of this Note shall accrue at a rate of eight percent (8.00%) per annum, and shall be payable in accordance with the terms
of this Note.

 

1. Payment.
The Borrower shall be entitled to prepay or repay all or any portion of this Note at any time, without premium or penalty. Payment
of interest shall be made in cash annually in arrears on March 3. Interest shall be calculated on the basis of actual number of
days elapsed over a year of three hundred sixty (360) days. If not sooner paid, the entire unpaid principal balance of this Note
and all unpaid accrued interest shall be due and payable in full on March 3, 2022. All payments made by the Borrower shall be
applied first, to any unpaid accrued interest and second, to the outstanding principal of this Note.

 

2. Warrants;
Additional Note.

 

(a) As
further incentive to enter into this Note, the Borrower hereby grants the Lender warrants to purchase shares of common stock of
the Company (the “Warrants”). The amount of warrants granted is the equivalent of the Note Principal divided by the
Exercise Price. The form of the Warrants, which shall include additional terms and conditions, is attached as Exhibit A. The Warrants
shall be exercisable for four (4) years, and are exercisable at $5.00 (the “Exercise Price”). If the Company files
a registration statement with the Securities and Exchange Commission for the purpose of an initial public offering of the Company’s
common stock (the “IPO”), and the IPO price per share offered to the public (the “IPO Price”) is less
than ten (10) dollars a share, the Exercise Price shall be adjusted downward to fifty percent (50%) of the IPO Price.

 

(b) The
Borrower also grants to Lender the option to lend Borrower up to an additional $800,000 (eight hundred thousand dollars) upon
the same terms as this Note and with a grant of Warrants at the same terms included above. This option expires upon the payment
of the amounts due under this Note.

 

3. Default
and Remedies. If the Borrower shall default in the payment of any amount within five days after the due date thereof, and
a subsequent five day cure period, then an “Event of Default” shall exist. Upon the occurrence of an Event
of Default and during the continuation thereof, the Lender may declare this Note to be due and payable, and the Lender may exercise
and shall have any and all rights and remedies available to it under applicable law and this Note or otherwise and may take any
such action and exercise any such power as it may elect to enforce its rights and remedies under applicable law and this Note.
No right or remedy herein conferred upon the Lender is intended to be exclusive of any other right or remedy contained herein,
and every such right or remedy contained herein or now or hereafter existing at law or in equity or by statute, or otherwise may
be exercised separately or in any combination.

 

    	 	 	 

    	 

    

 

4.
 Representations of the Lender. The Lender represents and warrants to the Borrower the
following:

 

(a)
Organization; Authority. The Lender is an entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization with the requisite power and authority to enter into and to consummate the Note and otherwise
to carry out its obligations hereunder and thereunder.

 

(b)
Information. The Lender and its advisors, if any, have been furnished with all materials relating to the business, finances
and operations of the Borrower and materials relating to the offer and issuance of the Note that have been requested by the Lender.
The Lender and its advisors, if any, have been afforded the opportunity to ask questions of the Borrower. Neither such inquiries
nor any other due diligence investigations conducted by the Lender or its advisors, if any, or its representatives shall modify,
amend or affect the Lender’s right to rely on the Borrower’s representations and warranties contained herein. The
Lender understands that its investment in the Note involves a high degree of risk. The Lender has sought such accounting, legal
and tax advice as it has considered necessary to make an informed investment decision with respect to entering into the Note.

 

(c) Validity;
Enforcement. This Note has been duly and validly authorized, executed and delivered on behalf of the Lender and shall constitute
the legal, valid and binding obligations of the Lender enforceable against the Lender in accordance with their respective terms,
except as such enforceability may be limited by general principles of equity or to applicable bankruptcy, insolvency, reorganization,
moratorium, liquidation and other similar laws relating to, or affecting generally, the enforcement of applicable creditors’
rights and remedies. This Note is specifically subject to approval of the Board of Directors of Singapore eDevelopment, a Singapore
limited company and parent company to Lender.

 

(d)
No Conflicts. The execution, delivery and performance by the Lender of this Note and the consummation by the Lender of
the transactions contemplated hereby and thereby will not (i) result in a violation of the organizational documents of the Lender,
or (ii) conflict with, or constitute a default (or an event which with notice or lapse of time or both would become a default)
under, or give to others any rights of termination, amendment, acceleration or cancellation of, any agreement, indenture or instrument
to which the Lender is a party, or (iii) result in a violation of any law, rule, regulation, order, judgment or decree (including
federal and state securities laws) applicable to the Lender, except in the case of clauses (ii) and (iii) above, for such conflicts,
defaults, rights or violations which could not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on the ability of the Lender to perform its obligations hereunder.

 

(j) Experience
of the Lender. The Lender, either alone or together with its representatives, has such knowledge, sophistication and experience
in business and financial matters so as to be capable of evaluating the merits and risks of the prospective investment in the
Note and the Borrower, and has so evaluated the merits and risks of such investment. The Lender is able to bear the economic risk
of an investment in the Note and, at the present time, is able to afford a complete loss of such investment.

 

5.
Borrower Representations. The Borrower represents and warrants to the Lender that:

 

(a)
Organization and Qualification. The Borrower is duly organized and validly existing and in good standing under the laws
of the jurisdiction in which it is formed, and has the requisite power and authority to carry on its business as now being conducted
and as presently proposed to be conducted. The Borrower is duly qualified as a foreign entity to do business and is in good standing
in every jurisdiction in which its ownership of property or the nature of the business conducted by it makes such qualification
necessary, except to the extent that the failure to be so qualified or be in good standing would not reasonably be expected to
have a Material Adverse Effect (as defined below). As used in this Agreement, “Material Adverse Effect” means
any material adverse effect on (i) the business, properties, assets, liabilities, operations (including results thereof), condition
(financial or otherwise) or prospects of the Borrower, (ii) the transactions contemplated hereby or any other agreements or instruments
to be entered into in connection herewith or therewith or (iii) the authority or ability of the Borrower to perform any of their
respective obligations under the Note.

 

    	 	 	 

    	 

    

 

(b)
Authorization; Enforcement; Validity. The Borrower has the requisite power and authority to enter into and perform its
obligations under this Note and to issue the Note in accordance with the terms hereof and thereof. The execution and delivery
of this Note, and the consummation by the Borrower of the transactions contemplated hereby and thereby have been duly authorized
by the Borrower’s board of directors or other governing body, as applicable, and (other than the potential filing with the
SEC of a Form D and any other filings as may be required by any state securities agencies) no further filing, consent or authorization
is required by the Borrower. This Note has been duly executed and delivered by the Borrower, and constitutes the legal, valid
and binding obligations of the Borrower, enforceable against the Borrower in accordance with its respective terms, except as such
enforceability may be limited by general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies
and except as rights to indemnification and to contribution may be limited by federal or state securities law and public policy,
and the remedy of specific performance and injunctive and other forms of equitable relief may be subject to equitable defenses
and to the discretion of the court before which any proceeding therefor may be brought.

 

(c)
Issuance of Note. The issuance of the Note is duly authorized and upon issuance shall be validly issued, fully paid and
non-assessable and free from all preemptive or similar rights, mortgages, defects, claims, liens, pledges, charges, taxes, rights
of first refusal, encumbrances, security interests and other encumbrances (collectively “Liens”) with respect
to the issuance thereof.

 

(d)
No Conflicts. The execution, delivery and performance of the Note by the Borrower and the consummation by the Borrower
of the transactions contemplated hereby and thereby will not (i) result in a violation of its Articles of Incorporation, Bylaws
or other organizational documents of the Borrower, (ii) conflict with, or constitute a default (or an event which with notice
or lapse of time or both would become a default) in any respect under, or give to others any rights of termination, amendment,
acceleration or cancellation of, any material agreement, indenture or instrument to which the Borrower is a party, or (iii) result
in a violation of any law, rule, regulation, order, judgment or decree (including, without limitation, foreign, federal and state
securities laws and regulations and including all applicable foreign, federal and state laws, rules and regulations) applicable
to the Borrower or by which any property or asset of the Borrower is bound or affected other than, in the case of clause (ii)
above, such conflicts, defaults or rights that could not reasonably be expected to have a Material Adverse Effect.

 

(e)
Consents. The Borrower is not required to obtain any consent from, authorization or order of, or make any filing or registration
with (other than the potential filing with the SEC of any periodic report under the Borrower’s reporting obligations or
a Form D and any other filings as may be required by any federal or state securities agencies or the filing of any registration
statement pursuant to which the Lender shall have any registration rights as contemplated by the Warrant), any Governmental Entity
(as defined below) or any regulatory or self-regulatory agency or any other Person in order for it to execute, deliver or perform
any of its respective obligations under or contemplated by the Note, in each case, in accordance with the terms hereof or thereof.
All consents, authorizations, orders, filings and registrations which the Borrower is required to obtain pursuant to the preceding
sentence have been or will be obtained or effected on or prior to the execution of this Note, and the Borrower is not aware of
any facts or circumstances which might prevent the Borrower from obtaining or effecting any of the registration, application or
filings contemplated by the Note. “Governmental Entity” means any nation, state, county, city, town, village,
district, or other political jurisdiction of any nature, federal, state, local, municipal, foreign, or other government, governmental
or quasi-governmental authority of any nature (including any governmental agency, branch, department, official, or entity and
any court or other tribunal), multi-national organization or body; or body exercising, or entitled to exercise, any administrative,
executive, judicial, legislative, police, regulatory, or taxing authority or power of any nature or instrumentality of any of
the foregoing, including any entity or enterprise owned or controlled by a government or a public international organization or
any of the foregoing.

 

    	 	 	 

    	 

    

 

(f)
No Integrated Offering. None of the Borrower, nor any Person acting on their behalf has, directly or indirectly, made any
offers or sales of any security or solicited any offers to buy any security, under circumstances that would require registration
of the Note under the 1933 Act, whether through integration with prior offerings or otherwise, or cause this offering of the Note
to require approval of stockholders of the Borrower for purposes of the 1933 Act or under any applicable stockholder approval
provisions, including, without limitation, under the rules and regulations of any exchange or automated quotation system on which
any of the securities of the Borrower are listed or designated for quotation.

 

(g)
No Undisclosed Events, Liabilities, Developments or Circumstances. No event, liability, development or circumstance has
occurred or exists, or is reasonably expected to exist or occur with respect to the Borrower, that could have a material adverse
effect on the Lender’s investment hereunder or could have a Material Adverse Effect.

 

(h)
Conduct of Business; Regulatory Permits. The Borrower is not in violation of any term of or in default under its Articles
of Incorporation, or Bylaws. The Borrower is in violation of any judgment, decree or order or any statute, ordinance, rule or
regulation applicable to the Borrower, and the Borrower will conduct its business in violation of any of the foregoing, except
in all cases for possible violations which could not, individually or in the aggregate, have a Material Adverse Effect.

 

(i)
Transfer Taxes. On a closing date, all stock transfer or other taxes (other than income or similar taxes) which are required
to be paid in connection with the issuance, sale and transfer of the Note to be issued to the Lender hereunder will be, or will
have been, fully paid or provided for by the Borrower, and all laws imposing such taxes will be or will have been complied with.

 

(j)
No Disqualification Events. With respect to the Note to be issued, none of the Borrower, any director, executive officer,
other officer of the Borrower participating in the offering contemplated hereby, any beneficial owner of 20% or more of the Borrower’s
outstanding voting equity securities, calculated on the basis of voting power, nor any promoter (as that term is defined in Rule
405 under the 1933 Act) connected with the Borrower in any capacity at the time of sale is subject to any of the “Bad Actor”
disqualifications described in Rule 506(d)(1)(i) to (viii) under the 1933 Act (a “Disqualification Event”).

 

(k) Reservation
of Shares Issuable Upon Conversion. The Borrower covenants that, subject to the terms and conditions set forth in the Warrant,
it will at all times reserve and keep available out of its authorized and unissued shares of Common Stock a number of shares of
Common Stock at least equal to permit a conversion of the Warrants.

 

6. Assignment.
The rights and obligations of the Borrower and the Lender shall be binding upon and inure to the benefit of the permitted successors,
assigns and transferees of the parties hereto, provided that no transfer or assignment by either the Borrower or the Lender shall
be effective without the consent of the other party (which consent may be withheld in the sole and absolute discretion).

 

    	 	 	 

    	 

    

 

7. Amendment.
No amendment or waiver of any provision of this Note, or consent to any departure by the Borrower therefrom, shall in any event
be effective unless the same shall be in writing and signed by the Borrower and the Lender, and then such amendment, waiver or
consent shall be effective only in the specific instance and for the specific purpose for which given.

 

8. Waiver.
No waiver of any obligation of the Borrower under this Note shall be effective unless it is in a writing signed by the Lender.
A waiver by the Lender of any right or remedy under this Note on any occasion shall not be a bar to exercise of the same right
or remedy on any subsequent occasion or of any other right or remedy at any time. The Borrower hereby expressly waives presentment,
demand, and protest, notice of demand, dishonor and nonpayment of this Note, and all other notices or demands of any kind in connection
with the delivery, acceptance, performance, default or enforcement hereof, except as expressly provided for herein.

 

9. Notices.
All notices, demands and other communications provided for or permitted hereunder shall be made in writing and shall be by registered
or certified first-class mail, return receipt requested, facsimile, electronic mail, courier service or personal delivery to:

 

David
Young

American
Medical REIT, Inc.

8547
E. Arapahoe Road Number J453

Greenwood
Village, CO 80112

 

And

 

DSS
Securities, Inc.

Frank
Heuszel

200
Canal View Blvd. Suite 300

Rochester,
NY 14623

 

10. Governing
Law; Venue. This Note is delivered in and shall be enforceable in accordance with the laws of the State of Maryland (other
than its conflict of laws principles) and shall be construed in accordance therewith. THE BORROWER SUBMITS TO THE NON-EXCLUSIVE
JURISDICTION OF THE STATE AND FEDERAL COURTS LOCATED IN THE STATE OF MARYLAND, IN CONNECTION WITH ANY ACTION OR OTHER PROCEEDING
RELATED TO THIS NOTE OR THE TRANSACTIONS CONTEMPLATED HEREBY. THE BORROWER IRREVOCABLY WAIVES AND AGREES NOT TO MAKE, TO THE FULLEST
EXTENT PERMITTED BY LAW, ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE JURISDICTION OF ANY SUCH COURT OR TO THE LAYING
OF VENUE OF ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT AND ANY CLAIM THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN
ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. The Borrower hereby waives, to the fullest extent permitted by law,
any right to stay or dismiss any action or proceeding under or in connection with this Note brought before the foregoing courts
on the basis of (i) any claim that such party is not personally subject to the jurisdiction of the above-named courts for any
reason, or that it or any of its property is immune from the above-described legal process, (ii) that such action or proceeding
is brought in an inconvenient forum, that venue for the action or proceeding is improper or that this Note may not be enforced
by such courts, or (iii) any other defense that would hinder the levy, execution or collection of any amount to which any party
is entitled pursuant to any final judgment of any court having jurisdiction.

 

    	 	 	 

    	 

    

 

11. Severability.
In the event any one or more of the provisions of this Note shall for any reason be held to be invalid, illegal or
unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note
operate or would prospectively operate to invalidate this Note, then and in any such event, such provision(s) only shall be
deemed null and void and shall not affect any other provision of this Note and the remaining provisions of this Note shall
remain operative and in full force and effect and in no way shall be affected, prejudiced or disturbed thereby.

 

12. No
Personal Liability; No Joint Venture. Neither the officers or the directors of the Borrower, nor any person executing this
Note on behalf of the Borrower, shall be liable personally or be subject to any personal liability or accountability with respect
to the obligations of the Borrower under this Note by reason of the execution of this Note. Nothing contained in this Note shall
be deemed or construed to have the effect of creating between the Borrower and the Lender the relationship of principal or agent,
or of a partnership or a joint venture.

 

13. WAIVER
OF JURY TRIAL. THE BORROWER AND THE LENDER EACH HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS NOTE
OR THE TRANSACTIONS CONTEMPLATED HEREBY (WHETHER BASED ON CONTRACT, TORT OR ANY OTHER THEORY). THE BORROWER AND THE LENDER EACH
CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE LENDER OR THE BORROWER HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT
IT WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER.

 

14. Headings.
The headings contained in this Note are solely for the convenience of the Lender and the Borrower and shall not be used or relied
upon in any manner in the construction or interpretation of this Note.

 

[remainder
of page intentionally blank]

 

    	 	 	 

    	 

    

 

IN
WITNESS WHEREOF, the Borrower has caused its duly authorized officer to execute this Note as of the date first written above.

 

	 	AMERICAN
    MEDICAL REIT INC.
	 	 	 
	 	By:	          
	 	Name:	 
	 	Title:	 

 

ACKNOWLEDGEMENT: 

 

	By:
    	Frank
    Heuszel	 

 

    	 	 	 

    	 

    

 

EXHIBIT
A

 

FORM
OF WARRANTExhibit 10.3

 

THIS
SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE
STATE SECURITIES LAWS. IT MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF A REGISTRATION STATEMENT
IN EFFECT WITH RESPECT TO THE SECURITY UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION
IS NOT REQUIRED.

 

COMMON
STOCK PURCHASE WARRANT

 

AMERIcan
MEDICAL REIT, INC.

 

Initial
Exercise Date: March 3, 2020

 

THIS
COMMON STOCK PURCHASE WARRANT (the “Warrant”) certifies that, for value received, DSS Securities, Inc. and
its permitted assigns (the “Holder”) is entitled, upon the terms and subject to the conditions hereinafter
set forth, at any time on or after March 3, 2020 (the “Initial Exercise Date”) and on or prior to the close
of business on the four-year anniversary of the Initial Exercise Date (the “Termination Date”) but not thereafter,
to subscribe for and purchase from AMERICAN MEDICAL REIT, INC., a Maryland corporation (the “Company”), a certain
amount of shares (as subject to adjustment hereunder, the “Warrant Shares”) of the Company’s common stock,
$0.001 par value (“Common Stock”) up to the Warrant Amount (as defined below in Section 1). 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). Capitalized
terms used and not otherwise defined herein shall have the meanings set forth in that certain Promissory Note (the “Note”),
dated March 3, 2020, between the Company and the Holder.

 

Section
1. Warrant Amount The Warrant Amount granted is the equivalent of the principal of the Note divided by the Exercise Price.

 

Section
2. Exercise.

 

a)
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 (or such other office or agency of
the Company as it may designate by notice in writing to the registered Holder at the address of the Holder appearing on the books
of the Company) of a duly executed facsimile copy of the Notice of Exercise Form annexed hereto. Within three (3) Trading Days
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. Notwithstanding anything
herein to the contrary, the Holder shall not be required to physically surrender this Warrant to the Company until the Holder
has purchased all of the Warrant Shares available hereunder and the Warrant has been exercised in full, in which case the Holder
shall surrender this Warrant to the Company for cancellation within three (3) Trading Days of the date the final Notice of Exercise
is delivered to the Company. Partial exercises of this Warrant resulting in purchases of a portion of the total number of Warrant
Shares available hereunder shall have the effect of lowering the outstanding number of Warrant Shares purchasable hereunder in
an amount equal to the applicable number of Warrant Shares purchased. The Holder and the Company shall maintain records showing
the number of Warrant Shares purchased and the date of such purchases. The Company shall deliver any objection to any Notice of
Exercise Form within 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.

 

    	 	 	 

    	 

    

 

b)
Exercise Price. The exercise price per share of the Common Stock under this Warrant shall be $5.00 (five dollars),
subject to adjustment hereunder (the “Exercise Price”).

 

c)
Mechanics of Exercise.

 

i.
Delivery of Warrant Shares Upon Exercise. The Company will issue a stock certificate representing the Warrant Shares purchased
hereunder to the Holder by the date that is five (5) Trading Days after the latest of (A) the delivery to the Company of the Notice
of Exercise, (B) surrender of this Warrant (if required) and (C) payment of the aggregate Exercise Price as set forth above (such
date, the “Warrant Share Delivery Date”). The Warrant Shares shall be deemed to have been issued, and the Holder
or any other person so designated to be named therein shall be deemed to have become a holder of record of such shares for all
purposes, as of the date the Warrant has been exercised, with payment to the Company of the Exercise Price and all taxes required
to be paid by the Holder, if any, pursuant to Section 2(c)(v) prior to the issuance of such shares, having been paid. Any certificate
issued to Holder representing Warrant Shares shall contain the restrictive legend language specified in the Purchase Agreement.

 

ii.
Delivery of New Warrants Upon Exercise. If this Warrant shall have been exercised in part, the Company shall, at the request
of the 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 transmittal to the Holder the Warrant Shares pursuant to Section 2(c)(i)
by the Warrant Share Delivery Date, then the Holder will have the right to rescind such exercise.

 

iv.
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.

 

    	 	2	 

    	 

    

 

v.
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 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.

 

vi.
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.

 

Section
3. Certain Adjustments.

 

a)
IPO Exercise Price. If the Company files a registration statement with the Securities and Exchange Commission for the purpose
of an initial public offering of the Company’s Common Stock (the “IPO”), and the IPO price per share offered
to the public (the “IPO Price”) is less than ten (10) dollars per share, the Exercise Price shall be adjusted downward
to fifty percent (50%) of the IPO Price.

 

b)
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.

 

c)
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.

 

d)
Notice to Holder. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall
promptly mail to the Holder a notice setting forth the Exercise Price after such adjustment and any resulting adjustment to the
number of Warrant Shares and setting forth a brief statement of the facts requiring such adjustment.

 

    	 	3	 

    	 

    

 

Section
4. Registration Rights.

 

a)
Piggyback Registration Rights. The Company shall include on the next registration statement the Company files with SEC (or on
the subsequent registration statement if such registration statement is withdrawn) all shares of common stock issuable upon exercise
of the Warrants (the “Registrable Securities”); Nothwithstanding the foregoing, the Company shall not be in breach
of this Agreement if any or all of the Registrable Securities cannot be included on the next registration statement the Company
files with the SEC is the result of either (i) in the case of an underwritten offering, the managing underwriter as set forth
below or (ii) SEC Guidance (as defined below) under Rule 415 or similar rule which limits the number of Registrable Securities
which may be included in a registration statement with respect to Holder.

 

b)
Notwithstanding the registration obligations set forth in this Section, if the SEC informs the Company that all of the Registrable
Securities cannot, as a result of the application of Rule 415, be registered for resale on a single registration statement, the
Company agrees to promptly inform Holder and use its commercially reasonable efforts to file amendments to any registration statement
as required by the SEC, covering the maximum number of Registrable Securities permitted to be registered by the SEC, on Form S-1
or such other form available to register for resale the Registrable Securities as a secondary offering; provided, however, that
prior to filing such amendment, the Company shall be obligated to use diligent efforts to advocate with the SEC for the registration
of all of the Registrable Securities in accordance with any (i) any publicly-available written or oral guidance of the SEC staff,
or any comments, requirements or requests of the SEC staff and (ii) the Securities Act (collectively, “SEC Guidance”),
including without limitation, Compliance and Disclosure Interpretation 612.09. Notwithstanding any other provision of this Agreement
and subject to the payment of liquidated damages set forth above, if the SEC or any SEC Guidance sets forth a limitation on the
number of Registrable Securities permitted to be registered on a particular registration statement (and notwithstanding that the
Company used diligent efforts to advocate with the Commission for the registration of all or a greater portion of Registrable
Securities), unless otherwise directed in writing by a Holder as to its Registrable Securities, the number of Registrable Securities
to be registered on such Registration Statement will be reduced as follows: (i) First, the Company shall reduce or eliminate any
securities to be included by any person other than Holder; (ii) Second, subject to written approval by Holder, the Company shall
reduce the Registrable Securities. In the event of a cutback hereunder, the Company shall give the Holder at least five (5) Business
Days prior written notice.

 

c)
In addition, if any rights granted pursuant to this Section involves the inclusion of securities in connection with an underwritten
offering, and the managing underwriter (or, in the case of an offering that is not underwritten, an investment banker) shall advise
the Company that, in its opinion, the number of securities requested and otherwise proposed to be included on such registration
statement exceeds the number which can be sold in such offering without adversely affecting the marketability of the offering,
the Company will include in such Registration to the extent of the number which the Company is so advised can be sold in such
offering, first, the securities the Company proposes to sell for its own account on such registration statement and second, the
Registrable Securities of the Holder requesting to be included on such registration statement.

 

    	 	4	 

    	 

    

 

d)
In the event the Company amends the any registration statement in accordance with the foregoing, the Company will use its commercially
reasonable efforts to file with the SEC, as promptly as allowed by the SEC or SEC Guidance provided to the Company or to registrants
of securities in general, one or more registration statements on Form S-1 or S-11 or such other form available to register for
resale those Registrable Securities that were not registered on any prior registration statement filed with the SEC.

 

e)
Subject to the terms of this Agreement, the Company shall use its commercially reasonable efforts to keep such registration statement
continuously effective under the 1933 Act until the first to occur of: (A) the date that is one (1) year from the date the registration
statement is declared effective by the SEC (the “Cut-Off Date”) and (B) the date that all Registrable Securities covered
by such registration statement (i) have been sold, thereunder or pursuant to Rule 144, or (ii) may be sold without volume or manner-of-sale
restrictions pursuant to Rule 144 and without the requirement for the Company to be in compliance with the current public information
requirement under Rule 144 (the “Effectiveness Period”).

 

Section
5. Holder Representations

 

a)
No Public Sale or Distribution. The Holder is receiving the Warrant and the shares underlying the Warrant for its own account
and not with a view towards, or for resale in connection with, the public sale or distribution thereof in violation of applicable
securities laws, except pursuant to sales registered or exempted under the 1933 Act; provided, however, by making the representations
herein, the Holder does not agree, or make any representation or warranty, to hold any of the Warrants or its underlying shares
for any minimum or other specific term and reserves the right to dispose of the Warrant or its underlying shares at any time in
accordance with or pursuant to a registration statement or an exemption from registration under the 1933 Act. The Holder does
not presently have any agreement or understanding, directly or indirectly, with any Person to distribute any of Company securities
in violation of applicable securities laws. For purposes of this Agreement, “Person” means an individual, a limited
liability Company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity and
any Governmental Entity or any department or agency thereof

 

b)
Accredited Investor Status. The Holder is an “accredited investor” as that term is defined in Rule 501(a) of Regulation
D promulgated under the 1933 Act.

 

c)
Reliance on Exemptions. The Holder understands that the Warrants and its underlying shares are issued 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 Holder’s compliance with, the representations, warranties, agreements, acknowledgments
and understandings of the Holder set forth herein in order to determine the availability of such exemptions and the eligibility
of the Holder to hold the Warrants and the underlying shares.

 

    	 	5	 

    	 

    

 

d)
No Governmental Review. The Holder 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 Warrants or the fairness or suitability of the investment
in the Note and Warrants nor have such authorities passed upon or endorsed the merits of the offering of the Note and the Warrants.

 

e)
Transfer or Resale. The Holder understands that: (i) the Warrants and its underlying shares have not been and are not being registered
under the 1933 Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently
registered thereunder, (B) the Holder shall have delivered to the Company (if requested by the Company) an opinion of counsel,
in a form reasonably acceptable to the Company, to the effect that such Warrant or its underlying shares to be sold, assigned
or transferred may be sold, assigned or transferred pursuant to an exemption from such registration, or (C) the Holder provides
the Company with reasonable assurance that such Warrant or underlying share can be sold, assigned or transferred pursuant to Rule
144 or Rule 144A promulgated under the 1933 Act (or a successor rule thereto) (collectively, “Rule 144”); (ii) any
sale of the Warrant or underlying share made in reliance on Rule 144 may be made only in accordance with the terms of Rule 144,
and further, if Rule 144 is not applicable, any resale of the Warrant or its underlying shares under circumstances in which the
seller (or the Person through whom the sale is made) may be deemed to be an underwriter (as that term is defined in the 1933 Act)
may require compliance with some other exemption under the 1933 Act or the rules and regulations of the SEC promulgated thereunder;
and (iii) except as otherwise set forth herein, neither the Company nor any other Person is under any obligation to register the
Warrants or the underlying shares under the 1933 Act or any state securities laws or to comply with the terms and conditions of
any exemption thereunder. The Holder agrees to the imprinting of the following legend on the underlying shares:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE
UPON AN EXEMPTION FROM REGISTRATION, AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE SECURITIES ACT OF 1933 AND APPLICABLE STATE SECURITIES LAWS 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.

 

Section
6. Transfer of Warrant.

 

a)
Transferability. 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, provided, however, that such transfer
is in compliance with all applicable federal and state securities laws. Upon such surrender and, if required, such payment, the
Company shall execute and deliver a new Warrant or Warrants in the name of the assignee or assignees, as applicable, and in the
denomination or denominations specified in such instrument of assignment, and shall issue to the assignor a new Warrant evidencing
the portion of this Warrant not so assigned, and this Warrant shall promptly be cancelled. The Warrant, if properly assigned in
accordance herewith, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant issued.

 

    	 	6	 

    	 

    

 

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 6(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 issuance date of this Warrant 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.

 

Section
7. 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(c)(i).

 

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

 

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

 

    	 	7	 

    	 

    

 

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. If at any time the number of authorized but unissued shares of Common Stock shall not be sufficient to effect
in full the exercise of this Warrant, in addition to such other remedies as shall be available to the Holder, the Company will
promptly take such corporate action as may, in the opinion of its counsel, be necessary to increase the number of authorized but
unissued shares of Common Stock to such number of shares as shall be sufficient for such purposes, including without limitation,
using its best efforts to obtain the requisite shareholder approval necessary to increase the number of authorized shares of Common
Stock. The Company further covenants that its issuance of this Warrant shall constitute full authority to its officers who are
charged with the duty of executing stock certificates to execute and issue the necessary 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).

 

e)
Jurisdiction. All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall
be governed by and construed and enforced in accordance with the internal laws of the State of Maryland, without regard to the
principles of conflicts of law thereof. Each party agrees that all legal proceedings concerning the interpretations, enforcement
and defense of the transactions contemplated by this Warrant (whether brought against a party hereto or its respective affiliates,
directors, officers, shareholders, partners, members, employees or agents) shall be commenced exclusively in the state and federal
courts sitting in the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and
federal courts sitting in the State of New York for the adjudication of any dispute hereunder or in connection herewith or with
any transaction contemplated hereby or discussed herein (including with respect to the enforcement of any of this Warrant), and
hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject
to the jurisdiction of any such court, that such suit, action or proceeding is improper or is an inconvenient venue for such proceeding.
Each party hereby irrevocably waives personal service of process and consents to process being served in any such suit, action
or proceeding by mailing a copy thereof via registered or certified mail or overnight delivery (with evidence of delivery) to
such party at the address in effect for notices to it under this Warrant and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve
process in any other manner permitted by law. If either party shall commence an action, suit or proceeding to enforce any provisions
of this Warrant, then, the prevailing party in such action, suit or proceeding shall be reimbursed by the other party for its
reasonable attorneys’ fees and other costs and expenses incurred with the investigation, preparation and prosecution of
such action or proceeding.

 

    	 	8	 

    	 

    

 

f)
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.

 

g)
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.

 

h)
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.

 

i)
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.

 

j)
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.

 

k)
Amendment. This Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and the Holder.

 

l)
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.

 

m)
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)

 

    	 	9	 

    	 

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be executed by its authorized signatory as of March 3, 2020.

 

	 	AMERICAN MEDICAL REIT, INC.
	 	 	 
	 	By:	 
	 	Name:	David
Young
	 	Title:	Chief
    Executive Officer

 

[Signature
Page to Common Stock Purchase Warrant]

 

    	 	 	 

    	 

    

 

NOTICE
OF EXERCISE

 

To:
AMERICAN MEDICAL REIT, 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.

 

Payment
in the form of lawful money of the United States in the amount of $__________ in payment of the aggregate Exercise Price will
be made by means of:

 

______
Check

 

______
Wire transfer

 

(2)
Please issue said Warrant Shares in the name of the undersigned or in such other name as is specified below:

_______________________________

 

[SIGNATURE
OF HOLDER]

 

	Name:

                                                                      

        By:

	 
	Signature
	 
	Title
	 
	Date
	 	 

 

    	 	 	 

    	 

    

 

ASSIGNMENT
FORM

 

(To
assign the foregoing warrant, execute

this form and supply required information.

Do not use this form to exercise the warrant.)

 

FOR
VALUE RECEIVED, [____] all of or [_______] shares of the foregoing Warrant and all rights evidenced thereby are hereby assigned
to

 

	 	whose
    address is
	 
	 
	Dated	 	,	 
	 	 	 	 
	Holder’s
    Signature:	 
	Holder’s
    Address	 
	 	 
	 	 
	Signature
    Guaranteed:	 
	 	 	 	 	 	 	 

NOTE:
The signature to this Assignment Form must correspond with the name as it appears on the face of the Warrant, without alteration
or enlargement or any change whatsoever, and must be guaranteed by a bank or trust company. Officers of corporations and those
acting in a fiduciary or other representative capacity should file proper evidence of authority to assign the foregoing Warrant.

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