Document:

Exhibit 10.23

 

THIS NOTE HAS NOT BEEN REGISTERED UNDER
EITHER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED,
OFFERED, PLEDGED OR OTHERWISE DISTRIBUTED FOR VALUE UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT AND SUCH
LAWS COVERING SUCH NOTE, OR BORROWER RECEIVES AN OPINION OF COUNSEL ACCEPTABLE TO IT STATING THAT SUCH SALE, TRANSFER, ASSIGNMENT,
OFFER, PLEDGE OR OTHER DISTRIBUTION FOR VALUE IS EXEMPT FROM THE REGISTRATION AND PROSPECTUS DELIVERY REQUIREMENTS OF SUCH ACT
AND SUCH LAWS.

 

STATIONDIGITAL CORPORATION

 

15% SENIOR SECURED CONVERTIBLE NOTE

DUE February 5, 2015
[nine month maturity]

 

	$15,000	St. Louis, MO
	 	Original Issue Date: May 4, 2015

 

THIS 15% SENIOR SECURED
CONVERTIBLE NOTE is one of a series of duly authorized and validly issued 15% Senior Secured Convertible Notes of STATIONDIGITAL
CORPORATION, a Delaware corporation (the “Borrower” or the “Company”), having its principal place
of business at 5700 Oakland Avenue, #200, St. Louis, MO 63110, designated as its 15% Senior Secured Convertible Notes due February
5, 2015 (this the “Note” and, collectively with the other Notes of such series, the “Notes”).

 

FOR VALUE RECEIVED,
the Borrower, unconditionally promises to pay to the order of SAMUEL A. LERDA or his assigns (“Holder”), in
the manner and at the place hereinafter provided, the principal amount of $15,000 on February 5, 2015 (the “Maturity Date”).
Borrower also promises to pay to Holder, on the Maturity Date or Accelerated Maturity Date, if applicable, together with the principal
amount referenced above interest on the outstanding principal balance of this Note at the rate of fifteen percent (15%) per annum,
pro-rated for the number of days that the Note is outstanding until the Maturity Date or Accelerated Maturity Date, if applicable,
on the basis of a 365-day year (the “Interest”). From and after an Event of Default (as defined in Section 5
below) interest on the outstanding principal balance under this Note together with accrued and unpaid Interest thereon shall bear
interest at a rate equal to the lesser of 20% per annum or the maximum rate permitted by applicable law (“Default Rate”)
which shall accrue from the date specified in Section 6(a) through and including the date of actual payment in full. As used in
this Note, a “Qualified Financing” shall mean an equity or convertible equity financing by the Company after
the completion of this Note.

 

1.          Payments.
All payments of principal and Interest, in respect of this Note shall be made in lawful money of the United States of America
in same day funds at the office of Holder located at 225 West Station Square Drive, Commerce Court, Suite 350, Pittsburgh, PA 15219,
or at such other place as Holder may direct. If any payment on this Note is stated to be due on a day that is not a Business Day,
such payment shall instead be made on the next Business Day.

 

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2.          Optional
Pre-payments. This Note may be pre-paid, in whole or in part, at Borrower’s option, without the consent of the Holder;
provided, however, that (a) Borrower shall provide written notice to the Holder at least five (5) Business Days prior to such date
of pre-payment (the “Pre-Payment Date”) and (b) the Holder may elect to have the outstanding principal amount
of and all accrued but unpaid interest under this Note converted upon the Pre-Payment Date pursuant to Section 3(a) below by giving
notice to Borrower on or before the Pre-Payment Date.

 

3.          Conversion.

 

(a) Voluntary
Conversion by the Holder. This Note shall be convertible, in whole or in part, into shares of Common Stock at the option of
the Holder, at any time and from time to time at the Conversion Price (defined in Section 3(b) below) in effect as of the Conversion
Date (as defined below). The Holder shall effect conversions by delivering to the Company a Notice of Conversion, the form of which
is attached hereto as Annex A (each, a “Notice of Conversion”), specifying therein the principal amount
of this Note to be converted and the date on which such conversion shall be effected (such date, the “Conversion Date”).
If no Conversion Date is specified in a Notice of Conversion, the Conversion Date shall be the date that such Notice of Conversion
is deemed delivered hereunder. To effect conversions hereunder, the Holder shall not be required to physically surrender this Note
to the Company unless the entire principal amount of this Note, plus all accrued and unpaid interest thereon, has been so converted.
Conversions hereunder shall have the effect of lowering the outstanding principal amount of this Note in an amount equal to the
applicable conversion. The Holder and the Company shall maintain records showing the principal amount(s) converted and the date
of such conversion(s). The Company may deliver an objection to any Notice of Conversion within one (1) Business Day of delivery
of such Notice of Conversion if any of the requirements for conversion hereunder have not been complied with by the Holder. In
the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative in the absence of manifest
error. The Holder, and any assignee by acceptance of this Note, acknowledge and agree that, by reason of the provisions of this
paragraph, following conversion of a portion of this Note, the unpaid and unconverted principal amount of this Note may be less
than the amount stated on the face hereof.

 

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In addition to the foregoing,
in the event of a Qualified Financing, in lieu of repayment of this Note, the Holder shall have the option to convert this Note
into the securities purchased by investors in a Qualified Financing (the “Qualified Securities”). The Company
shall give the Holder not less than ten (10) calendar days’ prior written notice of the closing of any such Qualified Financing.
The number of Qualified Securities that shall be issuable upon conversion of this Note shall equal the number derived by dividing
(x) the principal amount plus accrued and unpaid interest thereon of this Note, by (y) the Qualified Equity Applicable Price. The
“Qualified Equity Applicable Price” shall be equal to: (a) seventy percent (70%) of the conversion price of
the securities sold to investors in the Qualified Financing, or (b) seventy percent (70%) of the issuance price of such securities
sold to investors in the Qualified Financing in the event that such securities are not convertible securities. The Qualified Securities
to be issued upon any such conversion shall have the same rights, preferences and privileges as the securities issued to investors
in the Qualified Financing. The Holder, upon making such conversion or exchange, shall be
entitled to all the benefits of any agreements entered into among the Company and the holders of the Qualified Securities. In the
event that the securities sold in the Qualified Financing shall be sold as units including warrants, the Holder, upon conversion
or exchange, shall receive all the securities comprising the units. No fractional shares shall be issued upon a conversion or exchange
of Notes into Qualified Securities. In lieu of any fractional shares to which Holder would otherwise be entitled, the Company shall
pay cash equal to such fraction multiplied by the Qualified Equity Applicable Price, or, at its option, may round up to the nearest
whole number the amount of shares the Holder shall receive.

 

(b) Conversion
Price. The number of shares of Common Stock issuable upon conversion (the “Conversion Shares”) shall be
determined based upon the lesser of (A) 70% of the per share price of Common Stock or Common Stock Equivalents in a Qualified Financing
and (B) $0.45 per share, subject to adjustment hereunder (the “Conversion Price”).

 

(c) Mechanics
of Conversion. 

 

i.            Conversion
Shares Issuable Upon Conversion of Principal Amount.  The number of Conversion Shares issuable upon a conversion
hereunder, if this Note is being converted other than for Qualified Securities, shall be determined by the quotient obtained by
dividing (x) the outstanding principal amount of this Note together with accrued and unpaid Interest thereon to be converted by
(y) the Conversion Price in effect as of the Conversion Date. 

 

ii.          Delivery
of Certificate Upon Conversion. Not later than ten (10) Business Days after the Conversion Date (the “Delivery Date”),
the Company shall deliver, or cause to be delivered, to the Holder a certificate or certificates representing the Qualified Securities
or the Conversion Shares representing the number of shares of Common Stock being acquired upon the conversion of this Note, as
applicable.

 

iii.         Obligation
Absolute. The Company’s obligations to issue and deliver the Qualified Securities or the Conversion Shares, as applicable,
upon conversion of this Note in accordance with the terms hereof are absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect to any provision hereof, the recovery of any judgment
against any Person or any action to enforce the same, or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other Person of any obligation to the Company or any violation or alleged violation
of law by the Holder or any other Person, and irrespective of any other circumstance which might otherwise limit such obligation
of the Company to the Holder in connection with the issuance of such Qualified Securities or Conversion Shares; provided, however,
that such delivery shall not operate as a waiver by the Company of any such action the Company may have against the Holder.

 

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iv.         Fractional
Shares. No fractional shares or scrip representing fractional shares shall be issued upon the conversion of this Note.  As
to any fraction of a share which Holder would otherwise be entitled to purchase upon such conversion, 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
Conversion Price or round up to the next whole share.

 

v.          Transfer
Taxes.  The issuance of certificates for shares of Common Stock or Qualified Securities, as applicable, on conversion
of this Note shall be made without charge to the Holder hereof for any documentary stamp or similar taxes that may be payable in
respect of the issue or delivery of such certificates, provided that the Company shall not be required to pay any tax that may
be payable in respect of any transfer involved in the issuance and delivery of any such certificate upon conversion in a name other
than that of the Holder of this Note and the Company shall not be required to issue or deliver such certificates unless or until
the person or persons requesting the issuance thereof shall have paid to the Company the amount of such tax or shall have established
to the satisfaction of the Company that such tax has been paid.

 

4.          Certain
Adjustments.

 

(a) 
Stock Dividends and Splits. If the Company, at any time while this Note is outstanding: (A) pays a stock dividend or otherwise
make 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
conversion of this Note), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (D) issues by reclassification
of shares of the Common Stock any shares of capital stock of the Company, then in each case the Conversion 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 conversion of this Note shall be proportionately adjusted such that the
aggregate Conversion Price of this Note shall remain unchanged.  Any adjustment made pursuant to this Section 4(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 reclassification.

 

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(b) Subsequent
Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Note is outstanding, shall sell
or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any offer,
sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents entitling any Person to
acquire shares of Common Stock, at an effective price per share less than the then Conversion Price (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common
Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued
in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than
the Conversion Price, such issuance shall be deemed to have occurred for less than the Conversion Price on such date of the Dilutive
Issuance), then the Conversion Price shall be reduced and only reduced to equal the Base Share Price and the number of Conversion
Shares issuable hereunder shall be increased such that the aggregate Conversion Price payable hereunder, after taking into account
the decrease in the Conversion Price, shall be equal to the aggregate Conversion Price prior to such adjustment.  Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued.  Notwithstanding the foregoing, no adjustments
shall be made, paid or issued under this Section 4(b) in respect of an Exempt Issuance.  The Company shall notify the Holder
in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents subject to this
Section 4(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion price and
other pricing terms (such notice the “Dilutive Issuance Notice”).  For purposes of clarification, whether
or not the Company provides a Dilutive Issuance Notice pursuant to this Section 4(b), upon the occurrence of any Dilutive Issuance,
after the date of such Dilutive Issuance the Holder is entitled to receive a number of Conversion Shares based upon the Base Share
Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Conversion.

 

(c) Subsequent
Rights Offerings.  If the Company, at any time while the Note is outstanding, shall issue rights, options or warrants
to all holders of Common Stock (and not to Holders) entitling them to subscribe for or purchase shares of Common Stock at a price
per share less than the VWAP at the record date mentioned below, then the Conversion Price shall be multiplied by a fraction, of
which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants
plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator shall be
the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number of shares
which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full of all consideration
payable upon exercise of such rights, options or warrants) would purchase at such VWAP.  Such adjustment shall be made whenever
such rights or warrants are issued, and shall become effective immediately after the record date for the determination of stockholders
entitled to receive such rights, options or warrants.

 

(d) Pro
Rata Distributions.  If the Company, at any time while this Note is outstanding, shall distribute to all holders of Common
Stock (and not to Holders of the Notes) evidences of its indebtedness or assets (including cash and cash dividends) or rights or
warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section 4(b)), then in
each such case the Conversion Price shall be adjusted by multiplying the Conversion Price in effect immediately prior to the record
date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator shall
be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record date
less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so distributed
applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith.  In either
case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness
so distributed or such subscription rights applicable to one share of Common Stock.  Such adjustment shall be made whenever
any such distribution is made and shall become effective immediately after the record date mentioned above.

 

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(e) Fundamental
Transaction. If, at any time while this Note is outstanding, (A) the Company effects any merger or consolidation of the Company
with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series of related
transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant to which
holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D) the Company
effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock is effectively
converted into or exchanged for other securities, cash or property (each “Fundamental Transaction”), then, upon
any subsequent conversion of this Note, the Holder shall have the right to receive, for each Conversion Share that would have been
issuable upon such conversion immediately prior to the occurrence of such Fundamental Transaction, the number of shares of Common
Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional consideration
(the “Alternate Consideration”) receivable as a result of such merger, consolidation or disposition of assets
by a holder of the number of shares of Common Stock for which this Note is convertible immediately prior to such event. For purposes
of any such conversion, the determination of the Conversion Price shall be appropriately adjusted to apply to such Alternate Consideration
based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental Transaction,
and the Company shall apportion the Conversion Price among the Alternate Consideration in a reasonable manner reflecting the relative
value of any different components of the Alternate Consideration.  If holders of Common Stock are given any choice as to the
securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given the same choice as to
the Alternate Consideration it receives upon any conversion of this Note following such Fundamental Transaction.  To the extent
necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental Transaction
shall issue to the Holder a new note consistent with the foregoing provisions and evidencing the Holder’s right to convert
such note into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction is effected shall
include terms requiring any such successor or surviving entity to comply with the provisions of this Section 4(e) and insuring
that this Note (or any such replacement security) will be similarly adjusted upon any subsequent transaction analogous to a Fundamental
Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that is (1) an all cash transaction,
(2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or (3) a Fundamental Transaction involving
a person or entity not traded on a national securities exchange, the Nasdaq Global Select Market, the Nasdaq Global Market, or
the Nasdaq Capital Market, the Company or any successor entity shall pay at the Holder’s option, exercisable at any time
concurrently with or within thirty (30) calendar days after the consummation of the Fundamental Transaction, an amount of cash
equal to the value of this Note as determined in accordance with the Black Scholes Option Pricing Model obtained from the “OV”
function on Bloomberg L.P. using (A) a price per share of Common Stock equal to the VWAP of the Common Stock for the Trading Day
immediately preceding the date of consummation of the applicable  Fundamental Transaction, (B) the risk-free interest rate
corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Note as of the date of consummation of
the applicable Fundamental Transaction, (C) an expected volatility equal to the 100 day volatility obtained from the “HVT”
function on Bloomberg L.P. determined as of the Trading Day immediately following the public announcement of the applicable Fundamental
Transaction and (D) a remaining option time equal to the time between the date of the public announcement of such transaction and
the Maturity Date.

 

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(f) Calculations.
All calculations under this Section 4 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 4, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(g) Voluntary
Adjustment By Company. The Company may at any time during the term of this Note reduce the then current Conversion Price to
any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

(h) Notice
to Holder. 

 

i.         Adjustment
to Conversion Price. Whenever the Conversion Price is adjusted pursuant to any provision of this Section 4, the Company shall
promptly mail to the Holder a notice setting forth the Conversion Price after such adjustment and setting forth a brief statement
of the facts requiring such adjustment. If the Company enters into a Variable Rate Transaction (as defined in the Securities Purchase
Agreement (as defined below)), despite the prohibition thereon in the Securities Purchase Agreement, the Company shall be deemed
to have issued Common Stock or Common Stock Equivalents at the lowest possible conversion or exercise price at which such securities
may be converted or exercised.

 

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ii.          Notice to
Allow Conversion by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property; (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed to the Holder at its address
specified in Section 9(a) (or such other address as the Holder may designate by ten (10) calendar days advance written notice to
the Company), at least twenty (20) calendar days prior to the applicable record or effective date hereinafter specified, a notice
stating (x) the date on which a record is to be taken for the purpose of such dividend, distribution, redemption, rights or warrants,
or if a record is not to be taken, the date as of which the holders of the Common Stock of record to be entitled to such dividend,
distributions, redemption, rights or warrants are to be determined or (y) the date on which such reclassification, consolidation,
merger, sale, transfer or share exchange is expected to become effective or close, and the date as of which it is expected that
holders of the Common Stock of record shall be entitled to exchange their shares of the Common Stock for securities, cash or other
property deliverable upon such reclassification, consolidation, merger, sale, transfer or share exchange; provided that the failure
to mail such notice or any defect therein or in the mailing thereof shall not affect the validity of the corporate action required
to be specified in such notice.  The Holder is entitled to convert this Note during the period commencing on the date of such
notice to the effective date of the event triggering such notice.

 

5.          Events of Default.
The occurrence of any of the following events shall constitute an “Event of Default”:

 

(a) failure
of Borrower to pay the principal and Interest, if any, within ten (10) calendar days after the date due under this Note (provided
that the Holder had provided written notice to the Borrower in the event of any such failure); or

 

(b) any
representation or warranty made by Borrower to Holder in connection with this Note shall prove to have been false in any material
respect when made; or

 

(c) (i) a
court having jurisdiction in the premises shall enter a decree or order for relief in respect of Borrower in an involuntary case
under Title 11 of the United States Code entitled “Bankruptcy” (as now and hereinafter in effect, or any successor
thereto, the “Bankruptcy Code”) or any applicable bankruptcy, insolvency or other similar law now or hereafter
in effect, which decree or order is not stayed; or any other similar relief shall be granted under any applicable federal or state
law; or (ii) an involuntary case shall be commenced against Borrower under any applicable bankruptcy, insolvency or other
similar law now or hereafter in effect; or a decree or order of a court having jurisdiction in the premises for the appointment
of a receiver, liquidator, sequestrator, trustee, custodian or other officer having similar powers over Borrower or over all or
a substantial part of his property shall have been entered; or the involuntary appointment of an interim receiver, trustee or other
custodian of Borrower for all or a substantial part of his property shall have occurred; or a warrant of attachment, execution
or similar process shall have been issued against any substantial part of the property of Borrower, and, in the case of any event
described in this clause (ii), such event shall have continued for thirty (30) calendar days unless dismissed, bonded or discharged;
or

 

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(d) an
order for relief shall be entered with respect to Borrower, or Borrower shall commence a voluntary case under the Bankruptcy Code
or any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or shall consent to the entry of an order
for relief in an involuntary case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall
consent to the appointment of or taking possession by a receiver, trustee or other custodian for all or a substantial part of his
property; or Borrower shall make an assignment for the benefit of creditors; or Borrower shall be unable or fail, or shall admit
in writing his inability, to pay his debts as such debts become due; or

 

(e) the
Company shall fail to observe or perform any other covenant or agreement contained in the Notes (other than a breach by the Company
of its obligations to deliver shares of Common Stock to the Holder upon conversion, which breach is addressed in Section 5(f) below)
which failure is not cured, if possible to cure, within the earlier to occur of (A) five (5) Trading Days after notice of such
failure sent by the Holder or by any other Holder and (B) ten (10) Trading Days after the Company has become or should have become
aware of such failure; or

 

(f) the
Company shall fail for any reason to deliver certificates to a Holder prior to the eleventh Trading Day after a Conversion Date
or the Company shall provide at any time notice to the Holder, including by way of public announcement, of the Company’s
intention to not honor requests for conversions of any Notes in accordance with the terms hereof.

 

6.          Remedies.

 

(a) Repayment
Upon Event of Default . If any Event of Default occurs, the outstanding principal amount of this Note, plus accrued but unpaid
interest, liquidated damages and other amounts owing in respect thereof through the date of acceleration, shall become, at the
Holder’s election, immediately due and payable in cash. Commencing five (5) calendar days after the occurrence of any Event
of Default that results in the eventual acceleration of this Note, the interest rate on this Note shall accrue at an interest rate
equal to the lesser of 20% per annum or the maximum rate permitted under applicable law. Upon the payment in full of the amount
due under this Note, the Holder shall promptly surrender this Note to or as directed by the Company. In connection with such acceleration
described herein, the Holder need not provide, and the Company hereby waives, any presentment, demand, protest or other notice
of any kind, and the Holder may immediately and without expiration of any grace period enforce any and all of its rights and remedies
hereunder and all other remedies available to it under applicable law. Such acceleration may be rescinded and annulled by Holder
at any time prior to payment hereunder and the Holder shall have all rights as a holder of the Note until such time, if any, as
the Holder receives full payment pursuant to this Section 6(a). No such rescission or annulment shall affect any subsequent Event
of Default or impair any right consequent thereon.

 

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(b) Voluntary
Conversion in a Payment Event of Default. Unless this Note has been repaid or converted in accordance with the terms of Section
6(a) or Section 3(b) above, if an Event of Default pursuant to Section 5(a) occurs, then the outstanding principal amount of this
Note, plus accrued but unpaid interest, liquidated damages and other amounts owing in respect thereof through the date of conversion
(collectively, the “Outstanding Amount”), shall become, at the Holder’s election, converted into shares
of Common Stock. The number of Conversion Shares issuable upon a conversion under this Section 6(b) shall be determined by the
quotient obtained by dividing (x) the Outstanding Amount by (y) the Event of Default Conversion Price. The “Event of Default
Conversion Price” shall equal the product of (A) 50% and (B) the quotient of (x) the sum of the VWAP of Common Stock
for the twenty (20) Trading Days ending and including the Maturity Date, divided by (y) twenty (20). In the event of conversion
pursuant to this Section 6(b), the Holder hereby agrees (i) to execute and deliver to Borrower a Notice of Conversion pursuant
to Section 3(a), setting forth the Maturity Date as the Conversion Date and (ii) to physically surrender this Note to or as directed
by Borrower.

 

7.          Definitions.
Terms appearing in initial capital form and not otherwise defined herein shall have the meaning ascribed to them in that certain
Amended and Restated Securities Purchase Agreement, dated as of the date hereof, by and among the Holder, the Borrower and the
other purchasers named therein, and solely for purposes of Section 9 thereof, Steel Pier Capital Advisors, LLC, as collateral agent,
and to which this Note is attached as Exhibit A thereto (the “Securities Purchase Agreement”).

 

8.          Negative
Covenants. As long as any portion of this Note remains outstanding, the Company shall not, and shall not permit any of
its subsidiaries (whether or not a subsidiary on the Original Issue Date) to, directly or indirectly:

 

(a) other
than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any Indebtedness of any kind, including
but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest
therein or any income or profits therefrom;

 

(b) other
than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of
its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;

 

(c) amend
its organizational document in any manner that materially and adversely affects any rights of the Holder;

 

(d) repay,
repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common Stock
other than as to repurchases of Common Stock of departing officers and directors of the Company, provided that such repurchases
shall not exceed an aggregate of $10,000 for all officers and directors during the term of this Note;

 

(e) repay,
repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than the Notes if on a pro-rata basis, other
than regularly scheduled principal and interest payments as such terms are in effect as of the Original Issue Date or are extended
after the Original Issue Date to permit later payment;

 

(f) pay
cash dividends or distributions on any equity securities of the Company;

 

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(g) enter
into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with the Commission,
unless such transaction is made on an arm’s-length basis and expressly approved by a majority of the disinterested members
of the Board of Directors (even if less than a quorum otherwise required for board approval); or

 

(h) the
Company shall fail for any reason to deliver certificates to a Holder prior to the end of the tenth Business Day after a Conversion
Date pursuant to Section 3(c)(ii) or the Company shall provide at any time notice to the Holder, including by way of public announcement,
of the Company’s intention to not honor requests for conversions of any Notes in accordance with the terms hereof.

 

9.          Miscellaneous.

 

(a) All
notices and other communications provided for hereunder shall be in writing (including faxes) and mailed, telecopied, or delivered
as follows: if to Borrower, at its address specified opposite its signature below; and if to Holder, at 225 West Station Square
Drive, Commerce Court, Suite 350, Pittsburgh, PA 15219or in each case at such other address as shall be designated by Holder or
Borrower. All such notices and communications shall, when mailed, faxed or sent by overnight courier, be effective when deposited
in the mails, delivered to the overnight courier, as the case may be, or sent by fax. Electronic mail may be used to distribute
routine communications; provided that no signature with respect to any notice, request, agreement, waiver, amendment, or other
documents may be sent by electronic mail.

 

(b) No
failure or delay on the part of Holder or any other holder of this Note to exercise any right, power or privilege under this Note
and no course of dealing between Borrower and Holder shall impair such right, power or privilege or operate as a waiver of any
default or an acquiescence therein, nor shall any single or partial exercise of any such right, power or privilege preclude any
other or further exercise thereof or the exercise of any other right, power or privilege. The rights and remedies expressly provided
in this Note are cumulative to, and not exclusive of, any rights or remedies that Holder would otherwise have. No notice to or
demand on Borrower in any case shall entitle Borrower to any other or further notice or demand in similar or other circumstances
or constitute a waiver of the right of Holder to any other or further action in any circumstances without notice or demand.

 

(c) THIS
NOTE AND THE RIGHTS AND OBLIGATIONS OF BORROWER AND HOLDER HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK (INCLUDING WITHOUT LIMITATION SECTION 5-1401 OF THE GENERAL OBLIGATIONS
LAW OF THE STATE OF NEW YORK), WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 

 

    	11

    	 

    

 

(d)        ALL
JUDICIAL PROCEEDINGS BROUGHT AGAINST BORROWER ARISING OUT OF OR RELATING TO THIS NOTE SHALL BE BROUGHT IN ANY STATE OR FEDERAL
COURT OF COMPETENT JURISDICTION IN THE COUNTY AND STATE OF NEW YORK, AND BY EXECUTION AND DELIVERY OF THIS NOTE BORROWER ACCEPTS
FOR ITSELF AND IN CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS
AND WAIVES ANY DEFENSE OF FORUM NON CONVENIENS AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT RENDERED THEREBY IN CONNECTION
WITH THIS NOTE. Borrower hereby agrees that service of all process in any such proceeding in any such court may be made by
registered or certified mail, return receipt requested, to Borrower at its address set forth below its signature hereto, such service
being hereby acknowledged by Borrower to be sufficient for personal jurisdiction in any action against Borrower in any such court
and to be otherwise effective and binding service in every respect. Nothing herein shall affect the right to serve process in any
other manner permitted by law or shall limit the right of Holder to bring proceedings against Borrower in the courts of any other
jurisdiction.

 

(e)        BORROWER
AND, BY HIS ACCEPTANCE OF THIS NOTE, HOLDER AND ANY SUBSEQUENT HOLDER OF THIS NOTE, HEREBY IRREVOCABLY AGREE TO WAIVE THEIR RESPECTIVE
RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING OUT OF THIS NOTE OR ANY DEALINGS BETWEEN THEM RELATING
TO THE SUBJECT MATTER OF THIS NOTE AND THE LENDER/BORROWER RELATIONSHIP THAT IS BEING ESTABLISHED. The scope of this waiver
is intended to be all-encompassing of any and all disputes that may be filed in any court and that relate to the subject matter
of this transaction, including without limitation contract claims, tort claims, breach of duty claims and all other common law
and statutory claims. Borrower and, by their acceptance of this Note, Holder and any subsequent holder of this Note, each (i) acknowledges
that this waiver is a material inducement to enter into a business relationship, that the other parties have already relied on
this waiver in entering into this relationship, and that each party will continue to rely on this waiver in their related future
dealings and (ii) further warrants and represents that it has reviewed this waiver with its legal counsel and that it knowingly
and voluntarily waives its jury trial rights following consultation with legal counsel. THIS WAIVER IS IRREVOCABLE, MEANING
THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING, AND THIS WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS OF THIS NOTE. In the event of litigation, this provision may be filed as a written consent to a trial by the
court.

 

(f)        Borrower
hereby waives the benefit of any statute or rule of law or judicial decision which would otherwise require that the provisions
of this Note be construed or interpreted most strongly against the party responsible for the drafting thereof.

 

(g)        Borrower
waives presentment for payment, demand, notice of demand, notice of non-payment or dishonor, protest of this Note, and all other
notices in connection with the delivery, acceptance, performance, default or enforcement of payment of this Note.

 

    	12

    	 

    

 

10.         Set-off.
In addition to all liens upon rights of set-off against moneys, securities or other property of the Borrower given to Holder
by law or equity, Holder shall have a lien upon and right of set-off against all moneys, securities, and other property of Borrower
now or hereafter in the possession of Holder for any reason. Every such lien and right of set-off may be exercised by Holder after
the occurrence of an Event of Default without notice to the Borrower.

 

11.         Expenses.
Borrower shall pay all of Holder’s expenses, including Holder’s reasonable attorney’s fees, incurred in connection
with enforcement of Holder’s rights hereunder.

 

12.         Secured
Obligation. This Note is secured by an Amended and Restated Security Agreement dated August 26, 2015 by and between the
Borrower and Steel Pier Capital Advisors, LLC in its capacity as collateral agent on behalf of the several Holders.

 

13.         Indemnification
of Holder. Subject to the provisions of this Section 12, the Borrower will indemnify and hold the Holder harmless from
any and all losses, liabilities, obligations, claims, contingencies, damages, costs and expenses, including all judgments, amounts
paid in settlements, court costs and reasonable attorneys’ fees and costs of investigation that Holder may suffer or incur
as a result of or relating to any breach of any of the representations, warranties, covenants or agreements made by the Borrower
in this Note. If any action shall be brought against Holder in respect of which indemnity may be sought pursuant to this Note,
Holder shall promptly notify the Borrower in writing, and the Borrower shall have the right to assume the defense thereof with
counsel of its own choosing reasonably acceptable to the Holder. Holder shall have the right to employ separate counsel in any
such action and participate in the defense thereof, but the fees and expenses of such counsel shall be at the expense of Holder
except to the extent that (i) the employment thereof has been specifically authorized by the Borrower in writing, (ii) the Borrower
has failed after a reasonable period of time (not less than 30 calendar days) to assume such defense and to employ counsel or (iii)
in such action there is, in the reasonable opinion of such separate counsel, a material conflict on any material issue between
the position of the Borrower and the position of Holder, in which case the Borrower shall be responsible for the reasonable fees
and expenses of no more than one such separate counsel for all of the Holder. The Borrower will not be liable to Holder under this
Note for any settlement by Holder effected without the Borrower’s prior written consent, which shall not be unreasonably
withheld or delayed.

 

[Signature Page to15% Senior Secured
Convertible Note Follows]

 

    	13

    	 

    

 

[Signature Page to15%
Senior Secured Convertible Note]

 

IN WITNESS WHEREOF,
Borrower has executed and delivered this Note as of the day and year and at the place first above written.

 

	STATIONDIGITAL CORPORATION	 
	 	 	 
	By:  	/s/ Louis Rossi	 
	Name:  	Louis Rossi	 
	Title: 	Chief Executive Officer	 

 

    	 

    	 

    

 

ANNEX A

 

NOTICE OF CONVERSION

 

The undersigned hereby elects to convert
principal (together with any accrued and unpaid interest thereon) under the 15% Senior Secured Convertible Note due February 5,
2015 of StationDigital Corporation, a Delaware corporation (the “Company”), into Common Stock, as of the date
written below. If Common Stock is to be issued in the name of a person other than the undersigned, the undersigned will pay all
transfer taxes payable with respect thereto and is delivering herewith such certificates and opinions as reasonably requested by
the Company in accordance therewith. No fee will be charged to the holder for any conversion, except for such transfer taxes, if
any.

 

Conversion calculations:

 

Date to Effect Conversion:

 

Principal Amount of the Notes to be Converted:

 

Number of shares of Common Stock to be
issued:

 

Signature:

 

Name:

 

Address for Delivery of Common Stock:

 

    	2Exhibit 10.24

 

NEITHER THIS SECURITY NOR THE SECURITIES
FOR WHICH THIS SECURITY IS EXERCISABLE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES COMMISSION
OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES
ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES
ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH
EFFECT, THE SUBSTANCE OF WHICH SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY.   THIS SECURITY AND THE SECURITIES
ISSUABLE UPON EXERCISE OF THIS SECURITY MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
SECURITIES.

 

STATIONDIGITAL CORPORATION

COMMON STOCK PURCHASE WARRANT

 

	Warrant Shares: 30,000	Initial Exercise Date: May 4, 2015

 

THIS COMMON STOCK PURCHASE WARRANT
(the “Warrant”) certifies that, for value received,  Samuel A. Lerda (the
“Holder”) is entitled, upon the terms and subject to the limitations on exercise and the conditions
hereinafter set forth, at any time on or after the date hereof (the “Initial Exercise Date”) and on or
prior to the close of business on the five year anniversary of the date hereof (the “Termination Date”)
but not thereafter, to subscribe for and purchase, up to 30,000 shares (the “Warrant Shares”) of
Common Stock of StationDigital Corporation, a Delaware corporation (the “Company”).   

 

Section 1.            
Definitions.   Capitalized terms used and not otherwise defined herein shall have the meanings set forth
in that certain Amended and Restated Securities Purchase Agreement (the “Purchase Agreement”), dated May 4,
2015, among the Company, the Purchasers signatory thereto and solely for purposes of Section 9 thereof, Steel Pier Capital Advisors,
LLC, as collateral agent.

 

    	 

    	 

    

  

Section 2.            
Exercise.

 

(a)   Exercise
of Warrant.   Exercise of the purchase rights represented by this Warrant may be made, in whole or in part,
at any time or times on or after the Initial Exercise Date and on or before the Termination Date by delivery to the Company of
a duly executed facsimile copy of the Notice of Exercise Form annexed hereto (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);
and, within 3 Trading Days of the date said Notice of Exercise is delivered to the Company, the Company shall have received   payment
of the aggregate Exercise Price of the shares thereby purchased 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 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 1 Business Day of receipt of such notice.   In
the event of any dispute or discrepancy, the records of the Holder shall be controlling and determinative in the absence of manifest
error. 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 equal to the lesser
of (a) 70% of the per share price of Common Stock sold in a Qualified Financing, and (b) $0.45 per share, subject to adjustment
hereunder (the “Exercise Price”).

 

(c)   Cashless
Exercise.   If at any time after the earlier of (i) the one year anniversary of the date of the Purchase Agreement
and (ii) the completion of the then-applicable holding period required by Rule 144, or any successor provision then in effect,
there is no effective registration statement registering, or no current prospectus available for, the resale of the Warrant Shares
by the Holder, then this Warrant may also be exercised at such time by means of a “cashless exercise” in which the
Holder shall be entitled to receive a certificate for the number of Warrant Shares equal to the quotient obtained by dividing [(A-B)
(X)] by (A), where:

 

(A) = the VWAP on the Trading Day immediately
preceding the date of such election;

 

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

 

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

 

Notwithstanding anything herein to the
contrary, on the Termination Date, this Warrant shall be automatically exercised via cashless exercise pursuant to this Section
2(c).

 

    	2

    	 

    

  

(d)   Exercise
Limitations. The Company shall not effect any exercise of this Warrant, and a Holder shall not have the right to exercise any
portion of this Warrant, pursuant to Section 2 or otherwise, to the extent that after giving effect to such issuance after exercise
as set forth on the applicable Notice of Exercise, the Holder (together with the Holder’s Affiliates, and any other person
or entity acting as a group together with the Holder or any of the Holder’s Affiliates), would beneficially own in excess
of the Beneficial Ownership Limitation (as defined below).   For purposes of the foregoing sentence, the number
of shares of Common Stock beneficially owned by the Holder and its Affiliates 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 (A) exercise of the remaining, nonexercised portion of this Warrant beneficially
owned by the Holder or any of its Affiliates and (B) exercise or conversion of the unexercised or nonconverted portion of any other
securities of the Company (including, without limitation, any other   Common Stock Equivalents) subject to a limitation
on conversion or exercise analogous to the limitation contained herein beneficially owned by the Holder or any of its affiliates.   Except
as set forth in the preceding sentence, for purposes of this Section 2(d), beneficial ownership shall be calculated in accordance
with Section 13(d) of the Exchange Act and the rules and regulations promulgated thereunder, it being acknowledged by the Holder
that the Company is not representing to the Holder that such calculation is in compliance with Section 13(d) of the Exchange Act
and the Holder is solely responsible for any schedules required to be filed in accordance therewith.    To the extent
that the limitation contained in this Section 2(d) applies, the determination of whether this Warrant is exercisable (in relation
to other securities owned by the Holder together with any Affiliates) and of which portion of this Warrant is exercisable shall
be in the sole discretion of the Holder, and the submission of a Notice of Exercise shall be deemed to be the Holder’s determination
of whether this Warrant is exercisable (in relation to other securities owned by the Holder together with any Affiliates) and 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(d), in determining the number of outstanding
shares of Common Stock, a Holder may rely on the number of outstanding shares of Common Stock as reflected in (x) the Company’s
most recent periodic or annual report, as the case may be, (y) a more recent public announcement by the Company or (z) any other
notice by the Company or the Company’s Transfer Agent setting forth the number of shares of Common Stock outstanding.   Upon
the written or oral request of a Holder, the Company shall within two Trading Days confirm orally and in writing to the Holder
the number of shares of Common Stock then outstanding.   In any case, the number of outstanding shares of Common
Stock shall be determined after giving effect to the conversion or exercise of securities of the Company, including this Warrant,
by the Holder or its Affiliates since the date as of which such number of outstanding shares of Common Stock was reported.   The
“Beneficial Ownership Limitation” shall be 4.99% of the number of shares of the Common Stock outstanding immediately
after giving effect to the issuance of shares of Common Stock issuable upon exercise of this Warrant.   The Holder,
upon not less than 61 days’ prior notice to the Company, may increase or decrease the Beneficial Ownership Limitation provisions
of this Section 2(d), provided that the Beneficial Ownership Limitation in no event exceeds 9.99% of the number of shares of the
Common Stock outstanding immediately after giving effect to the issuance of shares of Common Stock upon exercise of this Warrant
held by the Holder and the provisions of this Section 2(d) shall continue to apply.   Any such increase or decrease
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(d) 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.

 

    	3

    	 

    

  

(e)   
Mechanics of Exercise.

 

(i)   Delivery
of Certificates Upon Exercise.   Certificates for shares purchased hereunder shall be transmitted by the transfer
agent of the Company to the Holder by crediting the account of the Holder’s prime broker with the Depository Trust Company
through its Deposit Withdrawal Agent Commission (“DWAC”) system if the Company is a participant in such system
and (A) there is an effective registration statement permitting the resale of the Warrant Shares by the Holder or (B) the shares
are eligible for resale without volume or manner-of-sale limitations pursuant to Rule 144, and otherwise by physical delivery to
the address specified by the Holder in the Notice of Exercise within 3 Trading Days from the delivery to the Company of the Notice
of Exercise Form, surrender of this Warrant (if required) and payment of the aggregate Exercise Price as set forth above (“Warrant
Share Delivery Date”).   This Warrant shall be deemed to have been exercised on the date the Exercise
Price is received by the Company.   The Warrant Shares shall be deemed to have been issued, and 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 by payment to the Company of the Exercise Price (or by cashless exercise, if permitted)
and all taxes required to be paid by the Holder, if any, pursuant to Section 2(e)(vi) prior to the issuance of such shares, have
been paid. If the Company fails for any reason to deliver to the Holder certificates evidencing the Warrant Shares subject to a
Notice of Exercise by the Warrant Share Delivery Date, the Company shall pay to the Holder, in cash, as liquidated damages and
not as a penalty, for each $1,000 of Warrant Shares subject to such exercise (based on the VWAP of the Common Stock on the date
of the applicable Notice of Exercise), $10 per Trading Day (increasing to $20 per Trading Day on the fifth Trading Day after such
liquidated damages begin to accrue) for each Trading Day after such Warrant Share Delivery Date until such certificates are delivered.

 

(ii)   Delivery
of New Warrants Upon Exercise.   If this Warrant shall have been exercised in part, the Company shall, at the
request of a Holder and upon surrender of this Warrant certificate, at the time of delivery of the certificate or certificates
representing Warrant Shares, deliver to Holder a new Warrant evidencing the rights of 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 its transfer agent to transmit to the Holder a certificate or certificates
representing the Warrant Shares pursuant to Section 2(e)(i) by the Warrant Share Delivery Date, then the Holder will have the right
to rescind such exercise.

 

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(iv)   Compensation
for Buy-In on Failure to Timely Deliver Certificates Upon Exercise.   In addition to any other rights available
to the Holder, if the Company fails to cause its transfer agent to transmit to the Holder a certificate or certificates representing
the Warrant Shares pursuant to an exercise on or before the Warrant Share Delivery Date, and if after such date the Holder is required
by its broker to purchase (in an open market transaction or otherwise) or the Holder’s brokerage firm otherwise purchases,
shares of Common Stock to deliver in satisfaction of a sale by the Holder of the Warrant Shares which the Holder anticipated receiving
upon such exercise (a “Buy-In”), then the Company shall (1) pay in cash to the Holder the amount by which (x)
the Holder’s total purchase price (including brokerage commissions, if any) for the shares of Common Stock so purchased exceeds
(y) the amount obtained by multiplying (A) the number of Warrant Shares that the Company was required to deliver to the Holder
in connection with the exercise at issue times (B) the price at which the sell order giving rise to such purchase obligation was
executed, and (2) at the option of the Holder, either reinstate the portion of the Warrant and equivalent number of Warrant Shares
for which such exercise was not honored or deliver to the Holder the number of shares of Common Stock that would have been issued
had the Company timely complied with its exercise and delivery obligations hereunder.   For example, if the Holder
purchases Common Stock having a total purchase price of $11,000 to cover a Buy-In with respect to an attempted exercise of shares
of Common Stock with an aggregate sale price giving rise to such purchase obligation of $10,000, under clause (1) of the immediately
preceding sentence the Company shall be required to pay the Holder $1,000. The Holder shall provide the Company written notice
indicating the amounts payable to the Holder in respect of the Buy-In and, upon request of the Company, evidence of the amount
of such loss.   Nothing herein shall limit a Holder’s right to pursue any other remedies available to it hereunder,
at law or in equity including, without limitation, a decree of specific performance and/or injunctive relief with respect to the
Company’s failure to timely deliver certificates representing shares of Common Stock upon exercise of the Warrant as required
pursuant to the terms hereof.

 

(v)   No
Fractional Shares or Scrip.   No fractional shares or scrip representing fractional shares shall be issued upon
the exercise of this Warrant.   As to any fraction of a share which Holder would otherwise be entitled to purchase
upon such exercise, the Company shall at its election, either pay a cash adjustment in respect of such final fraction in an amount
equal to such fraction multiplied by the Exercise Price or round up to the next whole share.

 

(vi)   Charges,
Taxes and Expenses.   Issuance of certificates for 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 certificate, all of which taxes and
expenses shall be paid by the Company, and such certificates 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 certificates for 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.

 

(viii)   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.

 

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Section 3.            
Certain Adjustments.

 

(a)      Stock
Dividends and Splits. If the Company, at any time while this Warrant is outstanding: (A) pays a stock dividend or otherwise
make 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), (B) subdivides outstanding shares of Common Stock into a larger number of shares, (C) combines (including
by way of reverse stock split) outstanding shares of Common Stock into a smaller number of shares, or (D) 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 reclassification.

 

(b)   Subsequent
Equity Sales. If the Company or any Subsidiary thereof, as applicable, at any time while this Warrant is outstanding, shall
sell or grant any option to purchase, or sell or grant any right to reprice, or otherwise dispose of or issue (or announce any
offer, sale, grant or any option to purchase or other disposition) any Common Stock or Common Stock Equivalents entitling any Person
to acquire shares of Common Stock, at an effective price per share less than the then Exercise Price (such lower price, the “Base
Share Price” and such issuances collectively, a “Dilutive Issuance”) (if the holder of the Common
Stock or Common Stock Equivalents so issued shall at any time, whether by operation of purchase price adjustments, reset provisions,
floating conversion, exercise or exchange prices or otherwise, or due to warrants, options or rights per share which are issued
in connection with such issuance, be entitled to receive shares of Common Stock at an effective price per share which is less than
the Exercise Price, such issuance shall be deemed to have occurred for less than the Exercise Price on such date of the Dilutive
Issuance), then the Exercise Price shall be reduced and only reduced to equal the Base Share Price and the number of Warrant Shares
issuable hereunder shall be increased such that the aggregate Exercise Price payable hereunder, after taking into account the decrease
in the Exercise Price, shall be equal to the aggregate Exercise Price prior to such adjustment.   Such adjustment
shall be made whenever such Common Stock or Common Stock Equivalents are issued.   Notwithstanding the foregoing,
no adjustments shall be made, paid or issued under this Section 3(b) in respect of an Exempt Issuance.   The Company
shall notify the Holder in writing, no later than the Trading Day following the issuance of any Common Stock or Common Stock Equivalents
subject to this Section 3(b), indicating therein the applicable issuance price, or applicable reset price, exchange price, conversion
price and other pricing terms (such notice the “Dilutive Issuance Notice”).   For purposes of
clarification, whether or not the Company provides a Dilutive Issuance Notice pursuant to this Section 3(b), upon the occurrence
of any Dilutive Issuance, after the date of such Dilutive Issuance the Holder is entitled to receive a number of Warrant Shares
based upon the Base Share Price regardless of whether the Holder accurately refers to the Base Share Price in the Notice of Exercise.

 

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(c)   Subsequent
Rights Offerings.   If the Company, at any time while the Warrant is outstanding, shall issue rights, options
or warrants to all holders of Common Stock (and not to Holders) entitling them to subscribe for or purchase shares of Common Stock
at a price per share less than the VWAP at the record date mentioned below, then the Exercise Price shall be multiplied by a fraction,
of which the denominator shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or
warrants plus the number of additional shares of Common Stock offered for subscription or purchase, and of which the numerator
shall be the number of shares of the Common Stock outstanding on the date of issuance of such rights or warrants plus the number
of shares which the aggregate offering price of the total number of shares so offered (assuming receipt by the Company in full
of all consideration payable upon exercise of such rights, options or warrants) would purchase at such VWAP.   Such
adjustment shall be made whenever such rights or warrants are issued, and shall become effective immediately after the record date
for the determination of stockholders entitled to receive such rights, options or warrants.

 

(d)   Pro
Rata Distributions.   If the Company, at any time while this Warrant is outstanding, shall distribute to all
holders of Common Stock (and not to Holders of the Warrants) evidences of its indebtedness or assets (including cash and cash dividends)
or rights or warrants to subscribe for or purchase any security other than the Common Stock (which shall be subject to Section
3(b)), then in each such case the Exercise Price shall be adjusted by multiplying the Exercise Price in effect immediately prior
to the record date fixed for determination of stockholders entitled to receive such distribution by a fraction of which the denominator
shall be the VWAP determined as of the record date mentioned above, and of which the numerator shall be such VWAP on such record
date less the then per share fair market value at such record date of the portion of such assets or evidence of indebtedness so
distributed applicable to one outstanding share of the Common Stock as determined by the Board of Directors in good faith.   In
either case the adjustments shall be described in a statement provided to the Holder of the portion of assets or evidences of indebtedness
so distributed or such subscription rights applicable to one share of Common Stock.   Such adjustment shall be made
whenever any such distribution is made and shall become effective immediately after the record date mentioned above.

 

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(e)   Fundamental
Transaction. If, at any time while this Warrant is outstanding, (A) the Company effects any merger or consolidation of the
Company with or into another Person, (B) the Company effects any sale of all or substantially all of its assets in one or a series
of related transactions, (C) any tender offer or exchange offer (whether by the Company or another Person) is completed pursuant
to which holders of Common Stock are permitted to tender or exchange their shares for other securities, cash or property, or (D)
the Company effects any reclassification of the Common Stock or any compulsory share exchange pursuant to which the Common Stock
is effectively converted into or exchanged for other securities, cash or property (each “Fundamental Transaction”),
then, upon any subsequent exercise of this Warrant, the Holder shall have the right to receive, for each Warrant Share that would
have been issuable upon such exercise immediately prior to the occurrence of such Fundamental Transaction, the number of shares
of Common Stock of the successor or acquiring corporation or of the Company, if it is the surviving corporation, and any additional
consideration (the “Alternate Consideration”) receivable as a result of such merger, consolidation or disposition
of assets by a holder of the number of shares of Common Stock for which this Warrant is exercisable immediately prior to such event.
For purposes of any such exercise, the determination of the Exercise Price shall be appropriately adjusted to apply to such Alternate
Consideration based on the amount of Alternate Consideration issuable in respect of one share of Common Stock in such Fundamental
Transaction, and the Company shall apportion the Exercise Price among the Alternate Consideration in a reasonable manner reflecting
the relative value of any different components of the Alternate Consideration.   If holders of Common Stock are
given any choice as to the securities, cash or property to be received in a Fundamental Transaction, then the Holder shall be given
the same choice as to the Alternate Consideration it receives upon any exercise of this Warrant following such Fundamental Transaction.   To
the extent necessary to effectuate the foregoing provisions, any successor to the Company or surviving entity in such Fundamental
Transaction shall issue to the Holder a new warrant consistent with the foregoing provisions and evidencing the Holder’s
right to exercise such warrant into Alternate Consideration. The terms of any agreement pursuant to which a Fundamental Transaction
is effected shall include terms requiring any such successor or surviving entity to comply with the provisions of this Section
3(e) and insuring that this Warrant (or any such replacement security) will be similarly adjusted upon any subsequent transaction
analogous to a Fundamental Transaction. Notwithstanding anything to the contrary, in the event of a Fundamental Transaction that
is (1) an all cash transaction, (2) a “Rule 13e-3 transaction” as defined in Rule 13e-3 under the Exchange Act, or
(3) a Fundamental Transaction involving a person or entity not traded on a national securities exchange, the Nasdaq Global Select
Market, the Nasdaq Global Market, or the Nasdaq Capital Market, the Company or any successor entity shall pay at the Holder’s
option, exercisable at any time concurrently with or within 30 days after the consummation of the Fundamental Transaction, an amount
of cash equal to the value of this Warrant as determined in accordance with the Black Scholes Option Pricing Model obtained from
the “OV” function on Bloomberg L.P. using (A) a price per share of Common Stock equal to the VWAP of the Common Stock
for the Trading Day immediately preceding the date of consummation of the applicable   Fundamental Transaction,
(B) the risk-free interest rate corresponding to the U.S. Treasury rate for a period equal to the remaining term of this Warrant
as of the date of consummation of the applicable Fundamental Transaction, (C) an expected volatility equal to the 100 day volatility
obtained from the “HVT” function on Bloomberg L.P. determined as of the Trading Day immediately following the public
announcement of the applicable Fundamental Transaction and (D) a remaining option time equal to the time between the date of the
public announcement of such transaction and the Termination Date.

 

(f)   Calculations.
All calculations under this Section 3 shall be made to the nearest cent or the nearest 1/100th of a share, as the case may be.
For purposes of this Section 3, the number of shares of Common Stock deemed to be issued and outstanding as of a given date shall
be the sum of the number of shares of Common Stock (excluding treasury shares, if any) issued and outstanding.

 

(g)   Voluntary
Adjustment By Company. The Company may at any time during the term of this Warrant reduce the then current Exercise Price to
any amount and for any period of time deemed appropriate by the Board of Directors of the Company.

 

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(h)   Notice
to Holder. 

 

(i)   Adjustment
to Exercise Price. Whenever the Exercise Price is adjusted pursuant to any provision of this Section 3, the Company shall promptly
mail to the Holder a notice setting forth the Exercise Price after such adjustment and setting forth a brief statement of the facts
requiring such adjustment. If the Company enters into a Variable Rate Transaction (as defined in the Purchase Agreement), despite
the prohibition thereon in the Purchase Agreement, the Company shall be deemed to have issued Common Stock or Common Stock Equivalents
at the lowest possible conversion or exercise price at which such securities may be converted or exercised.

 

(ii)   Notice
to Allow Exercise by Holder. If (A) the Company shall declare a dividend (or any other distribution in whatever form) on the
Common Stock; (B) the Company shall declare a special nonrecurring cash dividend on or a redemption of the Common Stock; (C) the
Company shall authorize the granting to all holders of the Common Stock rights or warrants to subscribe for or purchase any shares
of capital stock of any class or of any rights; (D) the approval of any stockholders of the Company shall be required in connection
with any reclassification of the Common Stock, any consolidation or merger to which the Company is a party, any sale or transfer
of all or substantially all of the assets of the Company, of any compulsory share exchange whereby the Common Stock is converted
into other securities, cash or property; (E) the Company shall authorize the voluntary or involuntary dissolution, liquidation
or winding up of the affairs of the Company; then, in each case, the Company shall cause to be mailed to the Holder at its last
address as it shall appear upon the Warrant Register of the Company, at least 20 calendar days prior to the applicable record or
effective date hereinafter specified, a notice stating (x) the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken, the date as of which the holders of the Common
Stock of record to be entitled to such dividend, distributions, redemption, rights or warrants are to be determined or (y) the
date on which such reclassification, consolidation, merger, sale, transfer or share exchange is expected to become effective or
close, and the date as of which it is expected that holders of the Common Stock of record shall be entitled to exchange their shares
of the Common Stock for securities, cash or other property deliverable upon such reclassification, consolidation, merger, sale,
transfer or share exchange; provided that the failure to mail such notice or any defect therein or in the mailing thereof shall
not affect the validity of the corporate action required to be specified in such notice.   The Holder is entitled
to exercise this Warrant during the period commencing on the date of such notice to the effective date of the event triggering
such notice.

 

    	9

    	 

    

  

Section 4.            
Transfer of Warrant.

 

(a)         Transferability.   Subject
to compliance with any applicable securities laws and the conditions set forth in Section 4(d) hereof and to the provisions of
Section 4.1 of the Purchase Agreement, this Warrant and all rights hereunder (including, without limitation, any registration rights)
are transferable, in whole or in part, upon surrender of this Warrant at the principal office of the Company or its designated
agent, together with a written assignment of this Warrant substantially in the form attached hereto duly executed by the Holder
or its agent or attorney and funds sufficient to pay any transfer taxes payable upon the making of such transfer.   Upon
such surrender and, if required, such payment, the Company shall execute and deliver a new Warrant or Warrants in the name of the
assignee or assignees 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.   A
Warrant, if properly assigned, may be exercised by a new holder for the purchase of Warrant Shares without having a new Warrant
issued. 

 

(b)         New
Warrants. This Warrant may be divided or combined with other Warrants upon presentation hereof at the aforesaid office of the
Company, together with a written notice specifying the names and denominations in which new Warrants are to be issued, signed by
the Holder or its agent or attorney.   Subject to compliance with Section 4(a), as to any transfer which may be
involved in such division or combination, the Company shall execute and deliver a new Warrant or Warrants in exchange for the Warrant
or Warrants to be divided or combined in accordance with such notice. All Warrants issued on transfers or exchanges shall be dated
the Initial Exercise Date and shall be identical with this Warrant except as to the number of Warrant Shares issuable pursuant
thereto.

 

(c)         Warrant
Register. The Company shall register this Warrant, upon records to be maintained by the Company for that purpose (the “Warrant
Register”), in the name of the record Holder hereof from time to time.   The Company may deem and treat
the registered Holder of this Warrant as the absolute owner hereof for the purpose of any exercise hereof or any distribution to
the Holder, and for all other purposes, absent actual notice to the contrary.

 

(d)         Transfer
Restrictions. If, at the time of the surrender of this Warrant in connection with any transfer of this Warrant, the transfer
of this Warrant shall not be either (i) registered pursuant to an effective registration statement under the Securities Act and
under applicable state securities or blue sky laws or (ii) eligible for resale without volume or manner-of-sale restrictions pursuant
to Rule 144, the Company may require, as a condition of allowing such transfer, that the Holder or transferee of this Warrant,
as the case may be, comply with the provisions of Section 7.1 of the Purchase Agreement.

 

Section 5.            
Miscellaneous.

 

(a)         No
Rights as Shareholder Until Exercise.   This Warrant does not entitle the Holder to any voting rights or other
rights as a shareholder of the Company prior to the exercise hereof as set forth in Section 2(e)(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.

 

    	10

    	 

    

  

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

 

(d)         Authorized
Shares.   The Company covenants that, during the period the Warrant is outstanding, it will reserve from its
authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon the exercise
of any purchase rights under this Warrant.   The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the 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, be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof (other than taxes in respect of any transfer occurring contemporaneously with such issue).   

 

Except as provided herein, and to the extent
as waived or consented to by the Holder, the Company shall not by any action, including, without limitation, amending its certificate
of incorporation or through any reorganization, transfer of assets, consolidation, merger, dissolution, issue or sale of securities
or any other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but will
at all times in good faith assist in the carrying out of all such terms and in the taking of all such actions as may be necessary
or appropriate to protect the rights of Holder as set forth in this Warrant against impairment.   Without limiting
the generality of the foregoing, the Company will (a) not increase the par value of any Warrant Shares above the amount payable
therefor upon such exercise immediately prior to such increase in par value, (b) take all such action as may be necessary or appropriate
in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares upon the exercise of this Warrant,
and (c) use commercially reasonable efforts to obtain all such authorizations, exemptions or consents from any public regulatory
body having jurisdiction thereof as may be necessary to enable the Company to perform its obligations under this Warrant.

 

Before taking any action which would result
in an adjustment in the number of Warrant Shares for which this Warrant is exercisable or in the Exercise Price, the Company shall
obtain all such authorizations or exemptions thereof, or consents thereto, as may be necessary from any public regulatory body
or bodies having jurisdiction thereof.

 

(e)         Jurisdiction.
All questions concerning the construction, validity, enforcement and interpretation of this Warrant shall be determined in accordance
with the provisions of the Purchase Agreement.

 

    	11

    	 

    

  

(f)          Restrictions.   The
Holder acknowledges that the Warrant Shares acquired upon the exercise of this Warrant, if not registered, will have restrictions
upon resale imposed by state and federal securities laws.

 

(g)         Nonwaiver
and Expenses.   No course of dealing or any delay or failure to exercise any right hereunder on the part of
Holder shall operate as a waiver of such right or otherwise prejudice Holder’s rights, powers or remedies, notwithstanding
the fact that all rights hereunder terminate on the Termination Date.   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 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 Holder in collecting any amounts due pursuant hereto or in otherwise
enforcing any of its rights, powers or remedies hereunder.

 

(h)         Notices.   Any
notice, request or other document required or permitted to be given or delivered to the Holder by the Company shall be delivered
in accordance with the notice provisions of the Purchase Agreement.

 

(i)          Limitation
of Liability.   No provision hereof, in the absence of any affirmative action by Holder to exercise this Warrant
to purchase Warrant Shares, and no enumeration herein of the rights or privileges of Holder, shall give rise to any liability of
Holder for the purchase price of any Common Stock or as a stockholder of the Company, whether such liability is asserted by the
Company or by creditors of the Company.

 

(j)         Remedies.   Holder,
in addition to being entitled to exercise all rights granted by law, including recovery of damages, will be entitled to specific
performance of its rights under this Warrant.   The Company agrees that monetary damages would not be adequate compensation
for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby agrees to waive and not to assert
the defense in any action for specific performance that a remedy at law would be adequate.

 

(k)         Successors
and Assigns.   Subject to applicable securities laws, this Warrant and the rights and obligations evidenced
hereby shall inure to the benefit of and be binding upon the successors of the Company and the successors and permitted assigns
of Holder.   The provisions of this Warrant are intended to be for the benefit of all Holders from time to time
of this Warrant and shall be enforceable by the Holder or holder of Warrant Shares.

 

(l)         Amendment.   Subject
to Section 3(g), this Warrant may be modified or amended or the provisions hereof waived with the written consent of the Company
and Holders holding Warrants at least equal to 75% of the Warrant Shares issuable upon exercise of all then outstanding Warrants.

 

    	12

    	 

    

  

(m)         Severability.   Wherever
possible, each provision of this Warrant shall be interpreted in such manner as to be effective and valid under applicable law,
but if any provision of this Warrant shall be prohibited by or invalid under applicable law, such provision shall be ineffective
to the extent of such prohibition or invalidity, without invalidating the remainder of such provisions or the remaining provisions
of this Warrant.

 

(n)         Headings.   The
headings used in this Warrant are for the convenience of reference only and shall not, for any purpose, be deemed a part of this
Warrant.

 

(o)         Conflicts.      In
the event of any conflict or inconsistency between the terms of this Warrant and the terms of any of the Transactions Documents
the terms of this Warrant shall govern.

 

********************

 

    	13

    	 

    

  

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

 

	STATIONDIGITAL CORPORATION	 
	 	 	 
	By:	/s/ Louis Rossi	 
	Name: 	 Louis Rossi	 
	Title: 	 Chief Executive Officer	 

 

    	14

    	 

    

 

NOTICE OF EXERCISE

 

To:         STATIONDIGITAL
CORPORATION

 

a)         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.

 

b)         Payment
shall take the form of (check applicable box):

 

[    ] in lawful money of
the United States; or

 

[   ] [if permitted] the
cancellation of such number of Warrant Shares as is necessary, in accordance with the formula set forth in subsection 2(c), to
exercise this Warrant with respect to the maximum number of Warrant Shares purchasable pursuant to the cashless exercise procedure
set forth in subsection 2(c).

 

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

 

                                                      _______________________________

 

The Warrant Shares shall be delivered to
the following DWAC Account Number or by physical delivery of a certificate to:

 

                                                      _______________________________

 

                                                      _______________________________

 

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

 

Name of Investing Entity: _________________________________________________

 

Signature of Authorized Signatory of Investing Entity: __________________________

 

Name of Authorized Signatory: ______________________________________

 

Title of Authorized Signatory: ________________________________________

 

Date: _______________

 

    	15

    	 

    

 

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.

 

    	16

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